The tax authority of Taiwan issued an update to the common reporting standard (CRS) regulations intended to address any natural disaster, incident or force majeure that may affect the completion of CRS reporting requirements within the period 1 June 2020 to 30 June 2020.
The update to Article 51 states that, based on the condition of any disaster incident or force majeure, the Ministry of Finance can issue a public announcement for a further extension of reporting submission in order to provide flexibility.
Additionally, the Ministry of Finance has launched the “CRS Financial Institution Portal”—open for reporting test data for the months of March and April 2020, while completion of the online reporting process will be in June. Automatic exchange of financial account information will be conducted by the Ministry of Finance in September with the competent authorities of the reportable jurisdictions (Japan and Australia for 2020).
Read a May 2020 report [PDF 66 KB] prepared by the KPMG member firm in Taiwan
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