The Ministry of Finance states that, in order to conform with the updated international standard of the file format for reporting Common Reporting Standard (CRS) information, financial institutions should use the second version of the CRS XML Schema to create their reporting CRS files from January 1, 2021. The Ministry of Finance will provide the second version of the CRS XML Schema, XML Reporting Data Elements and Types, XML Schema Reporting User Guide, as well as the CRS Financial Institution Portal FAQ on the “CRS Financial Institution Portal” (website: https://www.cfi.mof.gov.tw, hereinafter as “CRS Portal”) on the same date. The Ministry of Finance welcomes all financial institutions to refer to the “Download Tools” area on the CRS Portal to download and use the aforementioned files.
The Ministry of Finance further elaborates that, from January 1, 2021, no matter reporting new information of 2020 or corrected information of 2019, financial institutions should use the second version of the CRS XML Schema to create reporting files. After a financial institution completes its reporting, the CRS Portal will check the reporting files based on the second version of the CRS XML Schema and issue a confirmation receipt if the files are validated.
The Ministry of Finance emphasizes that, according to the “Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions,” financial institutions shall complete the due diligence procedures for the “Preexisting Individual Lower Value Account” and “Preexisting Entity Accounts” by December 31, 2020. Therefore, the amount of the reporting data is projected to grow next year. In addition, if a financial institution (e.g., the Securities Investment Trust Fund) was set up during 2020, it is suggested that it should register with the CRS Portal as soon as possible. The Ministry of Finance calls on financial institutions to make good use of the “reporting testing period” in March and April 2021, creating their XML files compliant to the second version of the CRS XML Schema and carrying out the test reporting, so as to facilitate their online reporting smoothly in June.
Contact person: Ms. Yu- Hsuan Wang, Section Chief.
Contact Number: (02)2322-8183