Taiwan (TW)

Jurisdiction Overview

IDQuestionAnswer
157 *Does the domestic administration have sufficient powers to obtain and provide banking information on request? Yes without qualifications.
 Data Date: 2019

Notes

 
As of August 2019, this jurisdiction has not been reviewed by the Global Forum
 
According to the correspondence maintained with Taiwan's Ministry of Finance on January 6, 2020, "In accordance with Article 5-1 of our Tax Collection Act, [...] tax authorities may request relevant banks to provide relevant financial account information when processing exchange of information on a specific request raised under Taiwan's Income Tax Agreements. The collection of information for exchange of information purposes is exempted from the confidentiality clauses set forth in financial and tax laws. Section 549 of page 195 of the Mutual Evaluation Report for Chinese Taipei on Anti-money laundering and counter-terrorist financing measures released by the APG in October 2019 [...] specifies that "on the basis of the agreement, the competent authority may then compel authorities or agencies to provide information in order to be exchanged pursuant to the agreement. The assistance that may be provided is wide and includes investigation assistance and the ability to compel production of documents from authorities or FIs."[...]. In practice, Taiwan's competent authority, having received a specific request raised by its treaty partner, will forward the case to its tax authorities to assist in gathering the requested information, provided that the request is verified to meet the requirements prescribed in relevant Tax Agreements and the Regulations Governing the Exchange of Tax Information Concerning Agreements on Tax Matters. The gathered information includes the information obtained by performing investigations into relevant financial institutions by the tax authorities. Thereafter, Taiwan's competent authority provides the afore-mentioned information, collected by its tax authorities, to its treaty partners". This information was confirmed by TJN's allies in Taiwan.

Sources

http://law.moj.gov.tw/Eng/LawClass/LawAll.aspx?PCode=G0340001
 
http://law.fsc.gov.tw/law/EngLawContent.aspx?Type=E&id=1649
 
Communication with Taiwan's Ministry of Finance, January 6, 2020; communication with TJN's allies in Taiwan in January 2020; Art. 5-1 of Tax collection act and art. 28 and 48 of The Banking Act
 
https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=G0380001