The Ministry of Finance states that, in order to be well-prepared beforehand for the situation where Reporting Financial Institutions affected by a natural disaster, incident, or force majeure failed to report financial account information within the period stipulated in the “Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions,” the Ministry of Finance promulgated the amendment of Article 51 to the Regulations today (April 28).
The Ministry of Finance explains 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. In that sense, the Ministry of Finance may, based on the situation, extend the reporting period and make a public announcement of such extension to enhance the flexibility in practical operation.
The Ministry of Finance emphasizes that, the “CRS Financial Institution Portal” of the Ministry of Finance has been launched on the website of https://www.cfi.mof.gov.tw. As of April 27, 2020, 1,152 Reporting Financial Institutions have already registered accounts. The Ministry of Finance urges unregistered Reporting Financial institutions to register with this Portal as early as possible. From 2020, the Portal is opened for reporting test data in March and April, and the online reporting shall be completed in June. The Ministry of Finance will carry out automatic exchange of financial account information with the competent authorities of Reportable Jurisdictions (Japan and Australia for 2020) in September.
Contact person: Ms. Yu- Hsuan Wang, Section Chief.