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Understanding Common Standard on Reporting and Due Diligence for Financial Account Information (CRS)

CRS制度英文版EDM

  

Understanding Common Standard on Reporting and Due Diligence for Financial Account Information (CRS)

Scope of “Reporting Financial Institution”
Any financial institution in the territory of the R.O.C., including a depository institution, a custodial institution, an investment entity and a specific insurance company (other than a non-reporting financial institution)

Scope of “Financial Account”
An account maintained by a financial institution, including a depository account, a custodial account, any equity or debt interest, any cash value insurance contract, and any annuity insurance contract (other than an excluded account)

Scope of “Foreign Account”
1. A financial account held by a foreign resident
2. A financial account held by a passive non-financial entity with a controlling person that is a foreign resident

Identification of “Reportable Account”
A foreign account is a reportable account if the account holder or the controlling person of the account is a resident of a reportable jurisdiction

Information Required to be reported
Including information on account holders, accounts , and reporting financial institutions

Reporting Financial Iinstitutions Performing Due Diligence from 2019

The information shall be reported to the tax authorities from June 1 to 30 every year starting from 2020
The R.O.C. based on the principle of reciprocity, will automatically exchange information on reportable accounts with tax treaty partners from 2020


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Last updated:2019-09-30