Financial accounts of non-residents: under strict supervision of the SAT

On May 19, 2017, the State Administration of Taxation (“SAT”), the Ministry of Finance, the People’s Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, as well as the China Insurance Regulatory Commission issued an announcement on the Administrative Measures of Tax Information Due Diligence for Financial Accounts of Non-residents (“Announcement 14”) to implement the information exchange (“IE”) of financial accounts between China and other participated countries or jurisdictions.