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:

  • Micro-insurance
  • 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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