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Addendums to Articles 5-1 and 46-1 of the Tax Collection Act were promulgated on June 14, 2017 to enhance information transparency and meet the new international standard

  In order to coordinate with the rising new international standard on information transparency and to avoid being categorized as a “non-cooperative jurisdiction,” it is necessary for Taiwan to complete the legal basis to implement the “Standard for Automatic Exchange of Financial Account Information in Tax Matters.” The purposes of these amendments are to authorize the Ministry of Finance to conclude a convention or an agreement to implement exchange of information (including financial account information) in conformity with the new international standard on information transparency, and provide administrative assistance to enhance tax cooperation. The main contents of the amendments are as follow:

  1. The Ministry of Finance may, based on the principle of reciprocity, enter into a convention or an agreement of information exchange for the use of tax purposes and provision of other mutual tax assistance with a foreign government or an international organization, and put it into force after obtaining the approval of the Executive Yuan and completing the formality of exchange of diplomatic instruments with the said foreign entity.
  2. Implementing the aforesaid convention or agreement shall be on a reciprocal basis. Five kinds of situations in which exchange of information shall not be conducted are stipulated.
  3. A concluded convention or an agreement allows exchanging information about the property, income, business, tax payment, and financial accounts or other tax information on request, automatically, and spontaneously. Relevant agencies, institutions, organizations, enterprises, or individuals who maintain required tax information are obliged to provide it; information related to financial accounts which shall be exercised due diligence or other reviewing procedures, can only be provided after completing such reviewing. Exchange of information is exempted from confidentiality clauses set forth in taxation and financial Acts.
  4. The Ministry of Finance, consulting with the Financial Supervisory Commission and other related agencies is authorized to draw up and promulgate rules and regulations on the scope of exchange of information, the measures of implementation, the presentation of a request, the collection, and the content of information, the time limit and measures for providing information, the standard for due diligence and other reviewing processes, and the measures governing procedures for providing information to another contracting partner and other related issues.
  5. Fines shall be imposed on agencies, institutions, organizations, enterprises, or individuals who avoid, impede, refuse to be investigated, or decline to answer relevant questions, or refuse to submit relevant information and documents required, and those who fail to exercise due diligence or other reviewing processes on financial accounts regulated.

  The Ministry of Finance stressed that the government has been working on the establishment of an information exchange mechanism for tax purposes in line with the new international standard on information transparency in order to protect tax revenue, maintain tax fairness and fulfill international obligations. The Ministry of Finance will actively conclude conventions or agreements related to exchange of information; consult the Financial Supervisory Commission and other related agencies as well as associations of banks, securities, insurance and trusts to draw up regulations in accordance with the Common Reporting Standard developed by the Organization for Economic Co-operation and Development; plan the procedures for exchange of information in practice; and establish information systems to facilitate future implementation.


Contact: Ms. Wu, Section Chief, Taxation Agency, 2322-8193
             Ms. Chung, Section Chief, Department of International Fiscal Affairs, 2322-8183

Issued:Taxation Administration Release date:2017-06-14 Last updated:2019-11-11 Click times:172