HONG KONG INSURANCE COUNCILLOR CHEN XIE LIANG: THE OFFSHORE TAXATION OF INSURANCE POLICIES IS RELATED TO THE IMPLEMENTATION OF CRS, WHICH IS NOT YET AVAILABLE

IN RESPONSE TO A RECENT RUMOUR THAT “THE MAINLAND COLLECTS 20 PER CENT OF ITS INCOME TAX FROM OFFSHORE POLICIES”, HONG KONG'S INSURANCE COUNCIL MEMBER CHEN XIE LIANG RESPONDED THAT THE DISCUSSIONS RELATED MAINLY TO TAX “COMMON REPORTING GUIDELINES” (CRS) AND THE ARRANGEMENTS FOR THE DECLARATION OF INDIVIDUAL INCOME OUTSIDE THE COUNTRY, AND THAT NO OFFICIAL POLICY DOCUMENT OR DETAILS OF IMPLEMENTATION ISSUED BY THE RELEVANT AUTHORITIES HAD BEEN RECEIVED TO DATE, AND THAT THE RELEVANT INFORMATION CAME FROM PRESS REPORTS. (WALL STREET SMELLING)