Statistics of 2023 CRS data reported by Financial Institutions

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The electronic reporting of 2023 financial account information in tax matters (CRS) was completed smoothly on July 1, 2024. The Ministry of Finance appreciates the support of financial institutions and their compliance with policies and regulations. According to the statistics provided by the Fiscal Information Agency, Ministry of Finance, there were 1,826 financial institutions reporting relevant data; and 183,542 reportable accounts held or controlled by tax residents of Australia, Japan, or the United Kingdom (U.K.) were reported. The total balance on December 31, 2023 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 during 2023 are listed below in $NTD:

Country	Number of Reportable Accounts	Balance of Reportable Accounts	Payment to Reportable Accounts
Australia	32,966	27.3 billion	12.6 billion
Japan	123,684	83.2 billion	17.8 billion
The U.K.	26,892	50.3 billion	6.5 billion
Total	183,542	160.8 billion	36.9 billion

Date of Data: 2024.7.15

　　Regarding the 2022 CRS reporting information, since financial institutions have continued to carry out due diligence procedures and enhance relevant internal control mechanisms, corrections to previously declared information have been voluntarily submitted. The revised statistical data is as follows:

Country	Number of Reportable Accounts	Balance of Reportable Accounts	Payment to Reportable Accounts
Australia	26,784	22.2 billion	10.4 billion
Japan	115,070	83.2 billion	19.4 billion
The U.K.	23,574	39.2 billion	3.4 billion
Total	165,428	144.6 billion	33.2 billion

Date of Data: 2024.7.15

　　The Ministry of Finance explains that the 2023 CRS reporting shows a stable trend compared to the data of 2022. The National Taxation Bureaus continually review 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. The said review will be performed either in writing or carried out on-site on a risk-oriented basis during the latter half of this year; financial institutions are advised to refer to the website of the Ministry of Finance (https://www.mof.gov.tw/singlehtml/1529?cntId=56899a33e9aa4b9db622b2ec188b820e) for announcements regarding significant systemic or common deficiencies in order to review their operational processes independently, and establish control mechanisms to ensure compliance with the CRS regulations.

　　The Ministry of Finance emphasizes that the automatic exchange of financial account information will be carried out with Australia, Japan, and the U.K. in September. According to international practices, the exchanged CRS information 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 file and pay tax in compliance with the relevant tax laws and regulations.

Contact person: Mr. Chi-Luan Huang, Section Chief.
Contact Number: (02)2322-8183

Reference URL：https://www.mof.gov.tw/Eng/singlehtml/f48d641f159a4866b1d31c0916fbcc71?cntId=a740a25bd0c44990bbe026804bfffc79