The Taiwanese Ministry of Finance issued a notice on an updated reference list of Jurisdictions with which Taiwan is able to exchange Country-by-Country (CbC) reports effectively in accordance with existing in force agreements. The announcement followed by another declaration on exchange information agreement, in which Japan and Taiwan agreed to automatically exchange the Financial Account Information (CRS) in Tax Matters and of Country-by-Country Reports.
Japan and New Zealand have added to the list of jurisdiction with which tax collection authorities of Taiwan may acquire CbC Reports based on the existing Agreements in force. In respect of MNE groups parented in these countries, the notice provides that local filing in Taiwan is only required if the Taiwan tax authority is ultimately unable to receive a CbC report through the exchange, in which case a CbC report must be submitted within one month after receiving a written notice from the tax authority.
The update also includes the list of jurisdictions that have agreements in force with Taiwan, but the Taiwan tax authority is unable to acquire CbC reports in accordance with such agreements which are: Australia, Austria, Belgium, Canada, Denmark, France, Gambia, Germany, Hungary, India, Indonesia, Israel, Italy, Kiribati, Luxembourg, Macedonia, Malaysia, the Netherlands, Paraguay, Poland, Senegal, Singapore, Slovakia, South Africa, Eswatini, Sweden, Switzerland, Thailand, the United Kingdom, and Vietnam.
As Japan has been included to the list, Taiwan-Japan agreed to conduct an automatic exchange of Financial Account Information (CRS) in Tax Matters and of Country-by-Country Reports. Additionally, they also agreed to strictly ensure information security and confidentiality to protect the rights of taxpayers.
Further, the Ministry of Finance pointed out that, the Ministry of Finance will provide Japan with, as well as receive from Japan, the Financial Account Information (CRS) commencing on or after 2019 and the Country-by-Country Reports of the Ultimate Parent Entity (UPE) of Multinational Enterprise (MNE) Groups of which fiscal year starts on or after January 1, 2017.
One of TPA’s technology partners Cygnet Infotech has developed a comprehensive VAT solution named R7VAT MTD, which is amongst others recently approved by HMRC for use by companies in the UK to automate and manage their VAT returns filing process but can also be used broadly within the EU.
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