The National Taxation Bureau of the Southern Area (NTBSA), Ministry of Finance (MOF) indicates that, to follow the global trend, the MOF promulgated “Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions’’ on November 16, 2017. From 2020, during the period between June 1 and June 30, all “Reporting Financial Institutions” in the territory of Republic of China (hereinafter referred to as the “R.O.C.’’) pursuant to the Article 5 of the CRS regulations shall report financial account information in respect of a previous calendar year to facilitate the automatic exchange of financial account information with Reportable Jurisdictions.
As this year is the first time that reporting financial institutions are required to report financial account information, the NTBSA reminds those institutions of the following items:
1.If the head office of the reporting financial institutions is in the territory of the R.O.C., the head office shall report all the reportable account information including domestic branches’; if the head office is outside the territory of the R.O.C., each branch in the R.O.C. shall report the reportable account information individually.
2.A financial institution may delegate a person to fulfill the reporting obligations, but take the relevant reporting responsibilities.
3.All reporting processes, including reporting, correction and overdue reporting must be completed through the “CRS Financial Institution Portal” (hereinafter as “CRS Portal”, https://www.cfi.mof.gov.tw).
4.Reporting financial institutions only need to report the financial account information of the Reportable Person (for residents of Japan or Australia in 2019).
5.If a reporting financial institution confirms that all accounts it maintains are not reportable after completing the due diligence procedures, it is still required to register on the CRS Portal and state that fact.
In addition, the "CRS Portal" has been launched, and the functions of “Registration” as well as “Upload and Report” are ready for use. Reporting Financial Institutions and their Agencies or Agents may upload and report test data before April 30. Reporting financial institutions are encouraged to visit the CRS Portal in advance to download the relevant User Guide and test the reporting functions, as well as prepare reporting files earlier so as to complete the first reporting in a timely fashion in June.
Press Release Statements contract person:
Ms. Chiu, First Examination Division