Taiwan amend Article 51 of their CRS Regulations
Taiwanese based financial institutions under Article 51 of the "Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions" are obliged to transmit information of reportable and undocumented accounts under the Common Reporting Standard ("#CRS") for the previous calendar year within the period from June 1 to June 30.
Within the press release the Ministry of Finance stated “that considering Reporting Financial Institutions may be restricted by the objective environment due to a natural disaster, incident, or force majeure (such as an earthquake, a windstorm, a flood, a drought, a plague, etc.) and cannot complete the reporting requirement within the period (between June 1 and June 30 from 2020) stipulated in Article 51 of the Regulations, the Ministry of Finance added the provision of the second paragraph into the same Article accordingly.”
With the the amendment the Ministry of Finance may extend the #CRS reporting period to provide more flexibility in reporting relevant information.
About the Author
Marco is a Banker and holds degrees as MBA (finance and accounting) and LLM (international tax law and business law).
He offers 30+ years of working experiences achieved within the operations, tax and compliance environment of leading Commercial Banking Institutions, Private Banking Institutions, Wealth Management Organisations and Financial Service Provider located in Europe and the APAC Region.
Marco is focused on advisory services and project management in the field of
AEoI, FATCA, EU-DAC6, OECD-CRS;
U.S Qualified intermediary regime (QI); and
Austrian, German, Hong Kong, Swiss and U.S. International Tax Law