The Automatic Exchange of Financial Account Information in Tax Matters between Taiwan and the UK scheduled to take place in September 2021
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The Ministry of Finance , Taiwan and Her Majesty’s Revenue and Customs (hereinafter referred to as HMRC), UK reached the consensus of conducting automatic exchange of financial account information in tax matters (hereinafter referred to as CRS information). The first exchange will take place in September this year.
HMRC has updated its list of Reportable Jurisdictions for CRS information which includes Taiwan on the list of the 2021 reporting year, in respect of 2020 reportable accounts. After confirming the relevant details, the Ministry of Finance will make an official public announcement as soon as possible to include the UK in Taiwan’s List of Reportable Jurisdictions for CRS information in accordance with the Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions; that is, the information on financial accounts held or controlled by UK residents should be added to the relevant filing in June this year by domestic financial institutions. The Ministry of Finance therefore is urging financial institutions to prepare in advance, so that by the end of June this year, they will be required to complete the filing of financial account information held or controlled by residents of Japan, Australia, and the UK.
