The United States and Taiwan signed a Foreign Account Tax Compliance Act (FATCA) Agreement, on 22 December 2016.
The US-Taiwan intergovernmental agreement (IGA) is based on the Model 2 Agreement which can be implemented where there is no tax information exchange agreement or double tax convention. Accordingly, financial institutions in Taiwan are required to report directly to the US Internal Revenue Service (IRS). This requirement is supplemented by the exchange of information upon request.
Article 11(1) of the US-Taiwan IGA provides that the IGA will enter into force on the date of Taiwan’s written notification to the United States that Taiwan has completed its necessary internal procedures for entry into force of the IGA.
