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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