Understand global taxation and common reporting guidelines | CRS | Dominica Passport | Protect overseas funds

Global Taxation and CRS

Before explaining the Dominica passport, we must first establish the concept you should have to protect overseas assets, first we must firstChina Global Taxationandcommon report standard(CRS friendly)

China Global Taxation

According to the implementation of the State Council from January 1 this yearImplementation Regulation of the Individual Income Tax Law of the People's Republic of China No. 707:

In general, individuals who have domicile in China, or though without domicile but have resided for one year or more in China are deemed to be residents in China. Domicile refers to habitual residence in China on account of domiciliary registration, family ties or economic interests. Income obtained within and outside China are taxable.

Article 20

The income generated from personal or corporation by tax resident shall be taxable, no matter the source is inside or outside of China.

And newArticle 1 of the Individual Income Tax Lawclearly define the concepts of resident individuals and non-resident individuals

One year means 365 days in a tax year. The days on a temporary trip away from China, including a single trip not exceeding 30 days or combined trips not exceeding 90 days, shall not be deducted. Habitual residence is a legal criterion whereby a taxpayer is defined and it does not refer to actual residence or residence of an individual for a particular period of time. For example, China is the habitual residence for an individual who should come back to reside in China after staying, working, visiting families and touring in a place other than China.