Updating a public announcement of “List of Participating Jurisdictions” in accordance with paragraph 3 of Article 28 of the CRS Regulations
The Ministry of Finance announced that Albania, Ecuador, Ghana, Kazakhstan, Kuwait, New Caledonia, Nigeria, Oman, and Peru have been added to the “List of Participating Jurisdictions” in accordance with paragraph 3 of Article 28 of the “Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions” (hereinafter referred to as CRS Regulations). The updated list includes 110 jurisdictions.
The Ministry of Finance stated that, “Participating Jurisdictions” refers to the jurisdictions which implemented automatic exchange of financial account information in accordance with the Common Reporting Standard (CRS) released by the Organisation for Economic Co-operation and Development (OECD), and have been announced by the Ministry of Finance. When a financial institution, in accordance with the provisions of the CRS Regulations, conducts due diligence on an account holder and the account holder turns out to be an Investment Entity specified in subparagraph 2 of Article 8 of the CRS Regulations, it should confirm whether the Investment Entity is located in a Reportable Jurisdiction (Australia, Japan, and the United Kingdom so far) or in a Participating Jurisdiction. If neither of the above cases is found, the financial institution is required to further identify the “Controlling Persons” of the investment entity.
In order to enable financial institutions to determine whether further review should be conducted or not, the Ministry of Finance, on January 9, 2019, in accordance with paragraph 3 of Article 28 of the CRS Regulations, announced the “List of Participating Jurisdictions,” including Taiwan and those 100 jurisdictions who have made commitments to implement automatic exchange of financial account information before the end of 2018 pursuant to the CRS issued by the OECD. The amendment made by this time is to include the aforementioned nine jurisdictions which have committed or implemented the exchanges before the end of 2021.
The Ministry of Finance emphasized that it will continue to closely follow the international exchanges of information under the CRS, and update the “List of Participating Jurisdictions” in a timely manner. The Ministry also reminded financial institutions that the reporting of 2021 financial account information should be completed by August 1, 2022. The Ministry will automatically exchange all relevant information with the competent authorities of the reportable jurisdictions in September of the same year.
Contact person: Ms. Yu-Hsuan Wang, Section Chief
Contact Number: 2322-8183
Reference URL：https://www.mof.gov.tw/Eng/singlehtml/f48d641f159a4866b1d31c0916fbcc71?cntId=5cda44babf2747b3a62e9f5cb5f9cd54