CRS 2.0 Approaches: Tax Collection on Overseas Insurance Income Has Started

On August 6, it was reported that with the normalization of CRS information exchange, tax authorities can now access data on dividends and cash values of overseas insurance policies, and the tax collection on insurance income from overseas sources has commenced. As an upgrade to the global tax system, CRS 2.0 will include crypto assets, central bank digital currencies, and specific electronic currency products to adapt to the integration of digital assets with mainstream finance. Overall, the iteration of CRS 2.0 resonates with the tightening of overseas income tax collection mechanisms, with both supporting each other to tighten the regulatory constraints on cross-border tax sources.

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