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ICD What's New

Accord with Australia on tax, finance transparency to take effect in 2020
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2019-12-31 14:52
A Common Reporting Standards agreement on matters of financial and legal transparency related to banking and tax information between Taiwan and Australia is set to take effect next September.

Taiwan’s Ministry of Finance announced in April this year that Australia had officially agreed to accept Taiwan as a CRS partner country. Australia will become the second nation, after Japan, to enter in a CRS accord with Taiwan.

The CRS system of mutual standards and inter-governmental transparency was introduced by OECD countries in 2014 as part of efforts to cut down on international crimes of tax evasion and financial fraud. It has since been implemented by nearly 100 countries around the globe.

Taiwan began actively implementing the CRS banking standards earlier this year, enabling it establish financial information sharing accords with several countries that have implemented CRS.

According to media reports, under the accords the Australian and Japanese governments will make financial information readily available to the Taiwan government for any Taiwanese business entities or individuals which possess more than US$1 million in net worth in those countries. The same information will be made available to the governments of Japan and Australia relating to individuals or businesses of those countries operating in Taiwan.

Sources: Ministry of Finance, Liberty Times, Taiwan News
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Update: 2019-06-17
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