Regulatory Alerts2023-04-28
Added · Updated
Currency Conversion Arrangement Involving Onshore RMB (CNY) under Northbound Swap Connect
The Circular on Income Tax (CIR) issued on April 28, 2023, establishes the regulatory framework for currency conversion arrangements involving onshore Renminbi under the Northbound Swap Connect mechanism. This directive clarifies the tax treatment and operational requirements for financial institutions participating in these cross-border swap transactions. The document serves as the primary reference for compliance with income tax obligations related to these specific currency conversion activities.
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