What is CRS China reporting?

CRS China reporting refers to the automatic exchange of financial account information for Chinese tax residents under the Common Reporting Standard (CRS). Financial institutions in CRS-participating jurisdictions share account information with Chinese tax authorities.

Who is considered a tax resident under CRS?

A tax resident is determined based on where an individual or business meets local residency rules. For China, individuals are tax residents if they reside in China for 183 days or more in a calendar year.

How does CRS impact businesses with Chinese owners?

Businesses with Chinese owners may have their account information reported to Chinese tax authorities under CRS. Structuring and tax planning are important to ensure compliance and avoid unnecessary tax risks.

Can CRS data be exchanged with China from Singapore?

Yes. Singapore is a CRS-participating jurisdiction and exchanges information with many countries, including China. Accounts held by Chinese tax residents in Singaporean financial institutions may be reported to the Chinese tax authority.

What should individuals and businesses do to stay compliant?

Individuals and businesses should identify their CRS tax residency status, review their financial accounts, and ensure reporting compliance. Professional advice may be needed to structure holdings and meet cross-border tax obligations.

CRS China Reporting & CRS Tax Residency: Key Considerations for Businesses and Individuals

As global tax transparency continues to evolve, regulatory frameworks such as the Common Reporting Standard (CRS) are significantly impacting how financial information is shared across borders. For individuals and entities with cross-border financial interests — especially Chinese tax residents with accounts in jurisdictions like Singapore — understanding CRS China reporting obligations is critical.

Here’s what you need to know about CRS tax residency, China’s definition of tax residency, and when Singapore may report your financial information to Chinese authorities.

What Is CRS and How Does It Work?

The Common Reporting Standard (CRS), developed by the OECD, is an international agreement that mandates the automatic exchange of financial account information between participating jurisdictions to reduce tax evasion.

How CRS Works:

Financial institutions (including banks, wealth managers, and custodians) are required to collect and verify tax residency details from all account holders.
Each year, they report financial account information to their local tax authority.
That tax authority then shares the data with the relevant foreign tax authority where the account holder is a tax resident.

In practice, if a client is identified as a China tax resident and holds financial accounts in Singapore, their information may be reported by Singapore’s tax authority (IRAS) to the State Taxation Administration (STA) in China under the CRS framework.

Who Is Considered a China Tax Resident Under CRS?

One of the most critical components of CRS is determining tax residency, which dictates which jurisdiction will receive your financial information.

Under Chinese law, you may be considered a tax resident if:

You reside in China for 183 days or more in a calendar year;
You maintain a habitual residence in China;
You are a Chinese citizen or foreigner who maintains strong economic or personal ties to China (e.g., family, employment, property).

CRS requires account holders to self-certify their tax residency upon opening new accounts. Financial institutions are then required to validate this information and classify accounts accordingly for reporting.

For companies and trusts, controlling persons may also be subject to CRS reporting if they are China tax residents.

When Will Singapore Report Your Bank Information to China?

Singapore has been a committed participant in the CRS framework since 2018. Financial institutions in Singapore must:

Collect CRS declarations from both individual and corporate account holders;
Report financial accounts held by non-residents, including those deemed China tax residents;
Submit this information to the Inland Revenue Authority of Singapore (IRAS), which then exchanges it with partner jurisdictions such as China.

Reporting Timelines:

Reporting Year: Ends on 31 December
Filing with IRAS: By 31 May of the following year
Exchange to China: Typically by September

Information Reported May Include:

Full name and address
Tax Identification Number (TIN)
Date and place of birth (for individuals)
Account balances as of year-end
Income such as interest, dividends, and capital gains
Gross proceeds from sales of financial assets

Why CRS China Reporting Matters for Your Business and Personal Wealth

CRS reporting is more than just a financial institution obligation — it has direct implications for individuals and corporate entities alike. For those with Singapore-based assets and connections to China, failing to address CRS tax residency issues can result in:

Unintentional non-compliance
Regulatory investigations by China’s STA
Tax penalties or backdated assessments
Greater scrutiny of your international holdings

Need Assistance with CRS Compliance?

At Ei-Biz, we specialize in accounting, corporate secretarial, and regulatory compliance services tailored to businesses and individuals operating across Singapore and China. Our experienced team is well-versed in cross-border reporting obligations and can help ensure you meet all CRS China reporting requirements.

We offer end-to-end license planning and advisory for:

BCA Licensing – For the construction industry, including manpower quota planning and classification.
Precious Stones and Precious Metals Dealers (PSPM) Licensing – To meet AML/CFT obligations.
Massage Establishment License – Guidance on URA zoning, police approval, and operator requirements.
F&B Licensing – Including NEA food shop license, layout planning, and food hygiene compliance.
Liquor License – For retail or on-premise consumption.
HSA Licensing – For controlled drugs, medical devices, and cosmetics import/distribution.
Import License Applications – For goods requiring AVS, HSA, or SCDF approval.