Retail Banking and Wealth Management – 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”) which will be implemented from 01 January 2019. 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 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. If you are a personal HSBC customer, please print out and complete the form “CRS Self-Certification for use by Individuals (CRS-I)” (142KB, PDF) to confirm your personal status under the CRS. Upon completion, you may return it to us via the following methods.
- Bring it to your Relationship Manager
- Bring it to HSBC Bank (Taiwan) branch
- Submit it by post to the following address: P.O. BOX 167-2617, Taipei City 11599, Taiwan (R.O.C.)
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. If you have multiple relationships with us*, you may receive more than one request for information – 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.
*Please find the example (including but not limited to) of multiple relationship as below: If you have multiple relationships with different members of the HSBC Group, you may receive more than one request for information; or If you are an individual customer in HSBC Bank (Taiwan) and act as the director of a company which is also a corporate customer in HSBC Bank (Taiwan), you may receive the request for both CRS Self-Certification Form for Individuals (CRS-I) and CRS Self-Certification Form for Entity (CRS-E).
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 November 2018