The Chinese characteristics brought by CRS - taxes that cannot be paid by joint accounts! Yesterday, while having dinner with my friends, we talked about CRS, and it was not just an ordinary annoyance. Here's the thing. My friend is a domestic entrepreneur who opened a joint account in Singapore around 2017. There are a total of five account holders, including friends, spouses, and both parents. The money in the account was mainly operated by friends, who bought some stocks and ETFs, and later did make some money. The friend himself is not a Chinese tax resident, but the remaining three elderly people and his wife are still Chinese tax residents. Last month, Singapore exchanged account information before 2025 back to China through CRS, and the trouble began. My friend and husband are both in Singapore, so they have hardly been contacted by the local tax bureau. But both parents are in China, and the wife and mother have also been contacted, but the frequency is not that high. The most troublesome thing is my friend's father, who is almost constantly being called by the local tax bureau, with the core demand being to pay taxes. It seems normal here, after all, the overseas account has been synchronized back by CRS, there are profits that need to be explained, and there are tax issues that need to be communicated, which is understandable. The real trouble is the joint account. In theory, a joint account of five people should be calculated based on their actual contribution ratio and actual income ratio. But the reporting logic of CRS is not so detailed. In a joint account, as long as someone is a reportable account holder, the entire account balance, income, and total sales amount may be reported under that person's name. This is really deadly. Four Chinese tax residents and four different local governments in one account all saw similar full data. According to normal tax law logic, the same profit should not be subject to repeated taxation by each of the four individuals. But in actual implementation, the local tax bureau sees that there is an overseas account data under the name of this person in their jurisdiction, so each place pursues taxes according to the data they see. The result became a very Chinese characteristic problem. Every local government's tax payment is 20%, which means they have to pay 80% of the total profit instead of just 20%. That's not all. My friend's account in Singapore was opened with a mortgage loan, and the funds obtained through the mortgage asset loan were used for operations. This means that there is a cost for the initial funds. However, the CRS data obtained by the tax bureau only includes transaction data and cannot prove the cost of the initial funds. You said I could provide it, sorry, they don't want it. You said that there is still interest to be paid on this money, and not all profits can be considered as profits. They don't care, no matter how your money comes from, whether there are costs or not, as long as it is the actual transaction funds, you have to pay taxes. So the most troublesome part of this matter is that after the CRS data enters the local government in China, it may become a very rough execution. After the overseas CRS is synchronized, the national tax will distribute the data to various tax bureaus, which will then go to the local area to find people. And the common account repeatedly hangs the same data under the names of multiple account holders. This has led to everyone feeling that people in their jurisdiction should pay taxes. Legally speaking, the same real profit should not be levied multiple times. But in reality, it may become that everyone is being pursued. This is also why I say that when CRS arrives in China, the biggest concern is whether it is tax synchronization itself, but it is difficult to explain clearly. So many friends who open joint accounts overseas never thought about this problem in the future. I feel like it's all my family's money. After CRS synchronization, multiple people collectively become a complete set of overseas account data under each person's name. Bitget is here, VIP! Crypto、 US shares CFD， Global Advantage One Stop Layout