After CRS, many investors in Hong Kong and the US stock markets have received notifications from the tax bureau requiring them to pay back taxes, mainly concentrated in regions such as Beijing, Shanghai, Hangzhou, Wuhan, and Guangdong.

Not only large users, but the scope of back taxes has now expanded to accounts with less than $20,000.

Those with deposits, investments, stocks, funds, insurance, trusts, and real estate income overseas, including those with fixed deposits in Bank of China and HSBC in Hong Kong, are all included.

Moreover, after receiving the notification, a daily late fee of 0.15% must be paid, starting from 2023, which annualizes to nearly 18%. If one owes $200,000 in taxes, delaying for a year would require an additional payment of $36,500.

Hong Kong, Singapore, and Japan are all on the CRS list, which means that using Hong Kong cards for deposits and withdrawals may no longer be the best option.

The United States has not joined for now, but it collects data through its own FATCA and then conducts bilateral exchanges with other countries, so the information will likely be delayed by a few years!

Given the current situation, will the inclusion of exchange information in CRS be inevitable?

What are the countermeasures? Either immigrate or close accounts?

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