Whoa, is everyone talking about CRS 2.0 coming soon? Just did a quick search, and so far, I haven’t seen any official announcements about the domestic implementation, effective date, or first exchange timeline for CRS 2.0 in China. So it seems like we’re still in the global phased implementation stage, and mainland China is still operating under the 1.0 rules for now. But tax enforcement on overseas income is clearly speeding up! What’s the difference between CRS 1.0 and 2.0— CRS 1.0: Account holders could treat the tax residency self-declaration as more of a formal procedure—just sign it and you’re done. Financial institutions typically relied on the information provided by customers for their reviews. CRS 2.0: The focus shifts to verifying the authenticity of account information and understanding the control relationships behind accounts. Financial institutions need to use all their KYC/AML data to comprehensively assess the reasonableness of customers’ self-declarations. For example, financial institutions might cross-check customers’ self-declared tax residency against passport info, address proof, phone numbers, account transaction records, etc. If there are obvious inconsistencies, they’ll ask customers to explain or provide additional supporting documents~