Taiwan: Amended CRS measures

Certain provisions of the common reporting standard (CRS) measures have been amended.

Certain provisions of the common reporting standard (CRS) measures have been amended.

The Ministry of Finance on 25 May 2021 notified financial institutions that certain provisions of the common reporting standard (CRS) measures have been amended.

  • If an updated financial institution is removed due to dissolution or other reasons, there is no need to wait until the statutory reporting period (June of the following year). The reporting procedures are to be completed in advance to increase the flexibility of the financial institutions practical operations.
  • To improve financial institution compliance with laws and regulations, the tax agency may conduct inspections with financial institutions so that the required due diligence and reporting obligations for accounts with foreign tax resident status are completed in accordance with the CRS regulations.

The Ministry of Finance also reminded financial institutions to report financial accounts held or controlled by tax residents of Australia, Japan, and the United Kingdom for this year.

Further, due to the ongoing coronavirus (COVID-19) pandemic, the Ministry of Finance extended the application period this year.
 

Read a May 2021 report [PDF 107 KB] prepared by the KPMG member firm in Taiwan

 

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