Taiwan: Issues found in implementing CRS
Financial institutions are reminded to submit CRS declaration forms from 1 June to 30 June each year.
Financial institutions are reminded to submit CRS declaration forms from 1 June to 30 June
The Ministry of Finance on 12 June 2023 issued a press release on issues found in the implementation of the common reporting standard (CRS) by financial institutions.
The Ministry of Finance will publish, on an annual basis, notable deficiencies found in the previous year's inspection in order for financial institutions to better understand the overall deficiencies in the industry.
Per the inspections conducted in 2022, the Ministry of Finance determined that financial institutions were largely found to have established internal regulations and conducted internal audits on their own, or assigned third-party organizations to certify compliance with the CRS regulations. However, there are still financial institutions that are not familiar with the process and have not established internal compliance procedures, resulting in non-compliance.
The Ministry of Finance also reminded financial institutions to submit CRS declaration forms from 1 June to 30 June each year.
Read a June 2023 report [PDF 169 KB] prepared by the KPMG member firm in Taiwan
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