중국 해외금융자산 신고제도의 개선방향에 관한 비교법적 고찰 ― 한국, 미국 및 일본의 개인거주자 해외금융자산 신고제도 간 비교를 중심으로 ―

Abstract

This paper focuses on legally improving China’s Foreign Financial Asset Reporting Regime by comparatively analyzing the related legislative regimes of Korea, the U.S., and Japan. Unlike other countries where tax-related legal frameworks regulate such activities, the Chinese Regime focuses on the statistics and collection of information under foreign exchange control regulations, with the regulatory agency being the foreign exchange management authority. Moreover, there is a high risk of individuals exploiting the concealment of foreign financial assets to engage in offshore tax evasion, which the current foreign exchange management regulations fail to detect or penalize effectively. To address these issues, it is necessary to reconsider the purpose of China’s Foreign Financial Assets Reporting Regime and overhaul the existing regulatory framework and the authority responsible for its management and operation. Specifically, beyond the purpose of this existing framework, which gathers basic statistical information about foreign financial assets, the prospective legal regime for Foreign Financial Assets Reporting should consider integrating tax evasion regulations. The most critical aspect of realizing these changes is whether the authority should transition the responsibility for foreign asset management to the tax service agency. Considering the comprehensive execution of related matters with the automatic exchange of information, it is essential to develop a regime that manages these processes effectively and efficiently.