Beneficial Ownership Disclosure

On August 3, 2022, China Taxation News published an article titled “Multinational Practices in Beneficial Ownership Information Disclosure”, which introduced the implementation of beneficial ownership disclosure systems in various countries. The authors of the article were no ordinary individuals—they were experts from the Taxation Science Research Institute of the State Taxation Administration, the Zhejiang Provincial Taxation Bureau, the Heilongjiang Provincial Taxation Bureau, the Xunke County Taxation Bureau, and the Longgang District Taxation Bureau of Shenzhen. While China has yet to implement a beneficial ownership disclosure system, the article signals that China is referencing international practices to design a system tailored to its own unique characteristics.