Cris Cao

“Even if they move all the money out of the CRS-reported accounts and into U.S. bank accounts, that doesn't naturally reduce or wipe out the tax authorities' right to tax, or their obligation to pay,”

Cris Cao · said date not stated · reported 2026-10-23

Cao said moving money from CRS-reported accounts into U.S. bank accounts does not eliminate the Chinese tax authorities' right to tax or the client's obligation to pay.

“There was a record of it being transferred out,”

Cris Cao · said date not stated · reported 2026-10-23

Cao noted there would be a record of the money being transferred out of CRS-reported accounts.

“that alone is enough for the tax authorities to levy tax.”

Cris Cao · said date not stated · reported 2026-10-23

Cao said the transfer record alone is enough for Chinese tax authorities to levy tax on the moved funds.