In response to the impact of the COVID-19 pandemic, the Ministry of Finance makes a public announcement today (May 31) that the reporting period for 2020 financial account information in tax matters (hereinafter as CRS information) was originally from June 1 to June 30, 2021, and the deadline is extended to August 2, 2021.
The Ministry of Finance states that, in accordance with the second paragraph of Article 51 of the “Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions” (hereinafter as CRS Regulations), where Reporting Financial Institutions affected by a natural disaster, incident, or force majeure fail to report within the reporting period stipulated in the CRS Regulations, the Ministry of Finance may, based on the situation, make a public announcement of extending the reporting period. Due to the impact of the COVID-19 pandemic, financial institutions have initiated relevant containment measures. They conveyed that employee scheduling is being constrained and it is difficult to complete the reporting requirement within the originally scheduled period from June 1 to June 30, 2021. Today, the Ministry of Finance, in accordance with the second paragraph of Article 51 of the CRS Regulations, publicly announces that the deadline for reporting 2020 CRS information is extended to August 2, 2021.
The Ministry of Finance urges financial institutions to prepare the reporting data as early as possible under permissible operating conditions, and emphasizes that there are three differences regarding reporting 2020 CRS information compared to 2019. They are: financial institutions should start reporting financial accounts held or controlled by U.K. tax residents; preexisting accounts of all kinds should be reported; and the new version of the CRS XML Schema should be used to create their reporting CRS files. The new version can be downloaded from the CRS Financial Institution Portal (https://www.cfi.mof.gov.tw/). If there are any operational questions regarding the Portal, please dial 0800-808-228 for customer service.
Contact person: Ms. Yu- Hsuan Wang, Section Chief.
Contact Number: (02)2322-8183