Taiwan is expecting to finalize a FATCA agreement with the US by end of June 2014. The FATCA Act requires the IRS to gain information about accounts of US citizens and residents with foreign financial institutions. To ensure that this can be done the US is signing intergovernmental agreements with foreign countries that will then allow the information to be exchanged. The FFI in Taiwan would need to obtain the consent of the account holder to exchange the information with the IRS. There had been a concern that banks in Taiwan would have problems with complying with FATCA in the absence of an intergovernmental agreement with the US, so it is important for Taiwan and the US to conclude the agreement before the end of June. After the signing of the agreement the FFIs will still have to put in place the appropriate procedures to apply the FATCA rules.
Taiwan Approves 45 Percent Top Income Tax Rate
Related Posts
Taiwan: Tax bureau sets deadlines for R&D, innovation investment tax credits
Taiwanโsย Southern Area National Taxation Bureau of the Ministry of Finance, stated that in order to encourage companies to invest resources in R&D, transformation, and innovation activities, and to accelerate intelligentisation,
Read MoreBitcoin 2026: Regulators, lawmakers reshape Bitcoin’s legal landscape
Bitcoin 2026, the world's largest annual gathering of the Bitcoin community, wrapped up its three-day run at the Venetian Resort in Las Vegas with a series of landmark regulatory and legislative developments that industry participants say could
Read MoreUS, China explore managed trade framework to ease tariff tensions
The US and China are moving toward a new approach in their trade relationship, with both nations expected to identify approximately USD 30 billion worth of goods for potential tariff reductions. A new pragmatic strategy US Trade Representative
Read MoreUS: Appeals Court grants temporary stay on ruling against Trumpโs global tariffs
The US Court of Appeals for the Federal Circuit issued a short-term administrative stay on 12 May 2026, temporarily halting injunctions against the Trump administration's 10% global tariff that was imposed under Section 122 of the Trade Act of
Read MoreTaiwan issues 2025 income tax filing guidance for foreign individuals
Taiwanโs National Taxation Bureau of the Southern Area, Ministry of Finance, stated that foreign individuals who resided in the Republic of China (R.O.C.) for a total of 183 days or more during the year 2025, and who did not depart the R.O.C.
Read MoreTaiwan: Taxation Bureau clarifies procedures for refundable tax, offsets
Taiwanโs Taipei National Taxation Bureau of the Ministry of Finance stated that the balance of output tax minus input tax for the current period constitutes the businessโs payable or refundable tax amount. Therefore, regardless of whether there
Read More