The Ministry of Finance states that, Taiwan and the United Kingdom have confirmed their cooperation in automatic exchange of financial account information in tax matters (hereinafter referred to as CRS information) every September from 2021 in accordance with Article 26 (Exchange of Information) of the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and on Capital Gains between the two sides.
The Ministry of Finance explains that Taiwan and the UK will, based on the reciprocal principle, provide each other with the CRS information in respect of the previous year every September from this year. Her Majesty’s Revenue and Customs (HMRC) has updated its list of Reportable Jurisdictions for CRS information which includes Taiwan on the list of the 2021 reporting year, in respect of 2020 reportable accounts. On April 16 this year, the Ministry of Finance also made an official public announcement to include the UK in the List of Reportable Jurisdictions with which Taiwan will exercise automatic exchange of CRS information in accordance with Paragraph 3 of Article 25 of the “Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions.”
The Ministry of Finance emphasizes that the information on financial accounts held or controlled by UK residents should be added to the relevant filing in June this year by domestic financial institutions. The Ministry of Finance therefore is urging financial institutions to prepare in advance to facilitate the completion of the online reporting by the end of June this year. The Ministry of Finance will carry out automatic exchange of CRS information with the competent authorities of Reportable Jurisdictions (Australia, Japan and the UK) in September this year.
Contact person: Ms. Yu-Hsuan Wang, Section Chief.
Contact Number: (02)2322-8183