Statistics of 2021 CRS data reported by Financial Institutions
The electronic reporting of 2021 financial account information in tax matters (CRS) was completed smoothly on August 1, 2022. According to the statistics provided by the Fiscal Information Agency, Ministry of Finance, there were 1,801 financial institutions reporting relevant data; 145,186 reportable accounts held or controlled by tax residents of Australia, Japan, or the U.K were reported. The total balance on Dec. 31, 2021 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 |
22,290 |
204.5 billion |
40.2 billion |
|
Japan |
104,262 |
1,794.5 billion |
74.1 billion |
|
The U.K. |
18,634 |
97.3 billion |
3.9 billion |
|
Total |
145,186 |
2,096.3 billion |
118.2 billion |
The Ministry of Finance explains that the above-mentioned numbers of financial accounts and amounts of balance and payments indicate that Taiwan has close economic, trade, and investment ties with Australia, Japan, and the U.K. The proceeding cooperation in exchange of information in tax matters has substantial meaning and therefore increases international tax transparency effectively.
Compared with the reporting data of the previous year, the sum of the accounts held or controlled by tax residents of Australia, Japan, and the U.K. increased by 11.26%, with the total account balance rising by 15.97% and the payment growing by 71.3%. All the above figures are higher than those for the previous year.
|
Year |
2022 |
2021 |
Growth rate |
|
Accounts |
145,186 |
130,487 |
11.26% |
|
Account balance |
2,096.3 billion |
1,807.7 billion |
15.97% |
|
Payment |
118.2 billion |
69 billion |
71.3% |
The Ministry of Finance points out that, for this year, due to the impact of the COVID-19 pandemic, the CRS reporting period was extended to August 1. The Ministry of Finance appreciates that the financial institutions are supporting and complying with the policy and the regulations. The National Taxation Bureaus will continually examine the reporting data (such as the abnormalities in relation to tax identification number, birth date, and address) to ensure the correctness of reporting data, and will assist financial institutions in making corrections if necessary in order to improve the quality of data to be provided under the exchange of information. The automatic exchange of financial account information will be carried out in September with Australia, Japan, and the U.K.
The Ministry of Finance emphasizes that the CRS information exchanged within the international community is for tax authorities to evaluate the risk of tax evasion and select auditing cases accordingly. The exchanged CRS information is not for imposing taxes directly. Honest taxpayers do not need to worry that the CRS information will increase their tax burdens.
Contact person: Ms. Yu- Hsuan Wang, Section Chief.
Contact Number: (02)2322-8183
Reference URL：https://www.mof.gov.tw/Eng/singlehtml/f48d641f159a4866b1d31c0916fbcc71?cntId=f367d921a3634defa50f736d613cc70b