On 18 December 2017, the People's Bank of China, the State Administration of Taxation and the State Administration of Foreign Exchange jointly issued Detailed Rules for Due Diligence on Taxation-related Information of Non-Residents' Financial Accounts at Deposit-taking Banking Financial Institutions ("Detailed Rules"), and the People's Bank of China published the Rules on its website on 29 December 2017.
The Rules provide detailed operating guidelines for Chinese deposit-taking banking financial institutions ("banks") to conduct due diligence on tax-related information of financial accounts held by non-residents in China. In accordance with the Detailed Rules, banks are required to collect tax-related information of non-residents and report such information to the competent authorities.
