The electronic reporting of 2022 financial account information in tax matters (CRS) was completed smoothly on June 30, 2023. The Ministry of Finance appreciates that the financial institutions’ supports and compliance with the policy and the regulations. According to the statistics provided by the Fiscal Information Agency, Ministry of Finance, there were 1,814 financial institutions reporting relevant data; 165,961 reportable accounts held or controlled by tax residents of Australia, Japan, or the U.K were reported. The total balance on December 31, 2022 and the total payment of dividends, interest, gross proceeds from the sale or redemption of financial assets, or other income that was made to those reportable accounts are listed below in $NTD:
| Country
|
Number of Reportable Accounts
|
Balance of Reportable Accounts
|
Payment to Reportable Accounts
|
| Australia
|
26,850
|
196.0 billion
|
13.4 billion
|
| Japan
|
115,458
|
1,461.6 billion
|
57.8 billion
|
| The U.K.
|
23,653
|
128.2 billion
|
4.6 billion
|
| Total
|
165,961
|
1,785.8 billion
|
75.8 billion
|
The Ministry of Finance explains that the above-mentioned numbers of Reportable Accounts increased by 14.31%, comparing to the reporting data of the previous year (2021), indicating that Taiwan has close economic, trade, and investment ties with Australia, Japan, and the United Kingdom. The proceeding cooperation in exchange of information in tax matters has substantial meaning and therefore facilitates tax transparency.
The Ministry of Finance points out that, the National Taxation Bureaus continually examine the reporting data (such as the abnormalities in relation to the reporting of tax identification number, date of birth, and address), and will assist financial institutions in making corrections if necessary. To ensure the adherence of financial institutes to relevant CRS regulations, as well as to enhance the correctness and integrity of exchanged data, the National Taxation Bureaus will perform written or on-site examination to the financial institutions on a risk-oriented basis during the latter half of the year. The automatic exchange of financial information will be carried out with Australia, Japan, and the United Kingdom in September.
The Ministry of Finance emphasizes that the CRS information exchanged within the international community cannot be used directly to assess tax liability but will be of reference for tax authorities to evaluate the risk of tax evasion and select auditing cases. The Ministry of Finance further urges taxpayers with overseas financial assets and associated incomes to fill and pay tax in compliance with the relevant tax laws and regulations.
Contact person: Ms. Yu- Hsuan Wang, Section Chief.
Contact Number: (02)2322-8183