Commercial Banking – Taiwan
To help fight against tax evasion and protect the integrity of tax systems, governments around the world are introducing a new information-gathering and reporting requirement for financial institutions. This is known as the Common Reporting Standard (“the CRS”) and we’d like to help you understand what it means for you.
To align with the foregoing global requirement, Ministry of Finance (“MOF”) issued the ‘Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions’ and the relevant local rules (collectively, the “Regulations”). According to the Regulations, we are required to perform due diligence for Financial Account information in tax matters for the purpose of exchange of information and determine where you are ‘tax resident’ (this will usually be where you are liable to pay income or corporate taxes). We will base this on information we have on-hand or we may ask you for additional details.
If you are tax resident in other country/jurisdiction, then we may be required to provide details, including information relating to your accounts, to the local national tax authority. They may then share that information with the tax authority of the country/jurisdiction (or countries/jurisdictions) where you are tax resident.
In addition, the ‘Organisation for Economic Co-operation and Development’ (“OECD”) has developed the rules to be referenced by all governments participating in the CRS and these can be found on the OECD CRS Portal.
What do you need to do?
In order to confirm your status under the CRS, you may be asked to complete the appropriate self-certification form and return it to your Relationship Manager. The forms are attached below with additional information about which form you should complete.
- CRS Self-Certification Form for use by Entities (CRS-E) (2.4MB, PDF): If you are a corporate HSBC customer (which includes all businesses, trusts, partnerships and foundation), please use this form to confirm your business’ status under the CRS.
- CRS Self-Certification Form for use by Controlling Persons (CRS-CP) (1.7MB, PDF): This form is used by the Controlling Persons of certain Entities (referred to under the CRS as Passive Entities) including certain trusts, foundations and certain managed Investment Entities that bank with HSBC and are located in countries/jurisdictions that do not participate in the CRS. This form is to be completed by those individuals that control the Entity, either by ownership or control by other means of these types of Entity. A Controlling Person in certain circumstances will be referred to as the Senior Managing Official.
In some cases, we may need to request for additional supporting documents from you to enable us to verify the information in your self-certification form.
Please note that you may receive more than one request for information, if you have multiple relationships with us– we would appreciate if you would respond to all requests.
If you are unsure about any of these terms and if they apply to you, please refer to the Glossary.
If you have any specific questions regarding your tax residency, please contact a professional tax adviser, as we are unable to provide tax advice. You may also find useful guidance on the OECD CRS portal and MOF website.
Page last updated January 2019