Financial Reporting Requirements Tighten in Taiwan: CRS Information Must be Filed by June 30

The Ministry of Finance in Taiwan has issued a notice to financial institutions regarding the reporting of Common Reporting Standard (CRS) information, with a deadline of June 1 to June 30. The reporting requirements have undergone three key changes for this year.

Changes to Reporting Requirements

• Inclusion of financial accounts held or controlled by UK tax residents
• Reporting of preexisting accounts of all kinds
• Use of new CRS XML Schema

As part of the Automatic Exchange of Financial Account Information, Taiwan has updated its list of “Reportable Jurisdictions” to include Australia, Japan, and the UK. As such, financial institutions are required to report financial accounts held or controlled by tax residents from these countries.

Due Diligence Procedures

• Preexisting High Value Individual Accounts: completed by December 31, 2019
• Preexisting Lower Value Individual Accounts and Preexisting Entity Accounts: due by December 31, 2020

CRS XML Schema

The Ministry of Finance reminds financial institutions to use the 2.0 version of the CRS XML Schema to create compliant reporting files, which can be downloaded from the CRS Financial Institution Portal.

Reporting Status

As of now, 412 financial institutions or their reporting agencies/agents have successfully completed their reporting tests. The Ministry urges financial institutions to take advantage of the remaining “reporting testing period” to carry out their reporting tests and ensure a smooth online filing process by June.

Contact Information

• Ms. Yu-Hsuan Wang, Section Chief
• Phone: (02)2322-8183