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
Vietnam to expand US imports of machinery, high-tech products, energy resources
Vietnam has signalled plans to increase imports from the US, focusing on machinery, high-technology products, and energy resources, as the two countries conduct the sixth round of negotiations on the Vietnam–US Fair and Balanced Reciprocal Trade
Read More
US, Argentina expand trade deal, cuts tariffs
The US and Argentina have signed the United States–Argentina Agreement on Reciprocal Trade and Investment (ARTI) on 5 February 2026, which formalises a broad trade and investment agreement aimed at deepening economic and strategic ties between the
Read More
US: IRS releases US–Spain competent authority agreement on arbitration
The US Internal Revenue Service (IRS) has released Internal Revenue Bulletin No. 2026-6 on 2 February 2026. The bulletin includes Announcement 2026-3, which sets out the Competent Authority Arrangement agreed between the US and Spain to implement
Read More
US: Treasury, IRS release draft rules for clean fuel production credit under OBBB
The Department of the Treasury and the Internal Revenue Service (IRS) announced on 3 February 2026 the proposed regulations for domestic producers of clean transportation fuel to determine their eligibility for and calculate the clean fuel
Read More
Bangladesh to sign US tariff agreement ahead of elections
Bangladesh’s interim government will sign a tariff agreement with the US on 9 February 2026, just three days before the national parliamentary election. The delegation, led by commerce adviser Sk Bashir Uddin and commerce secretary Mahbubur
Read More
US imposes tariffs on countries supplying oil to Cuba
US President Donald Trump signed a new executive order titled “Addressing Threats to the United States by the Government of Cuba” on 29 January 2026. The order establishes a formal mechanism that would allow the US to impose additional ad
Read More