Taiwan: Updated CRS regulations for “low-risk” financial accounts
List of “low-risk” tax avoidance accounts that would be excluded from the common reporting standard (CRS) due diligence and reporting obligations
“Low-risk” accounts that would be excluded from CRS due diligence, reporting obligations
The Ministry of Finance updated the list of “low-risk” tax avoidance accounts that would be excluded from the common reporting standard (CRS) due diligence and reporting obligations.
The updated low-risk tax avoidance accounts include:
- An account held on behalf of a party involved in connection with a settlement or mediation transcript, the court’s approval of a mediation agreement conducted by a township or county-administered city’s mediation committee, or an arbitration award—all of which have the same effect as a final court judgment with binding effect
Beginning in 2022, these accounts will not be subject to reporting obligations conducted by reporting financial institutions.
Read a December 2021 report [PDF 109 KB] prepared by the KPMG member firm in Taiwan
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