SGATAR Annual Meeting 50th Exchange of Information
Explore the latest updates on Exchange of Information at the 50th SGATAR Annual Meeting with a focus on domestic and international legal aspects, challenges, practices, and digital transformation initiatives amidst COVID-19. Discover key insights on efficient implementation and data management strategies discussed during the event.
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Presentation Transcript
Exchange of Information 50th SGATAR Annual Meeting Tammy Yu-Hsuan Wang Chinese Taipei Date of Presentation: 27 October 2021
Agenda Overview of the Status of EOI Implementation Efficient EOI Implementation Challenges and Practices COVID-19 and Promotion of Digital Transformation -CRS Reporting Portal -International Exchange of Information Platform (IEIP) Closing
Overview of the Status of EOI Implementation Domestic legal basis The amendment to Article 5-1 of the Tax Collection Act (June 14, 2017) Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions (November 16, 2017) First CRS reporting in June 2020 First CRS AEOI in September 2020 Regulations Governing the Exchange of Tax Information Concerning Agreements on Tax Matters (December 7, 2017) Standardized procedures for EOIR, SEOI, and AEOI
Overview of the Status of EOI Implementation International legal basis 33 bilateral Avoidance of Double Taxation Agreements Bilateral Competent Authority Arrangements for AEOI cooperation on CRS information / Country-by-Country reports
Efficient - Challenges and Practices EOI Implementation Information collection Information without domestic interest Information held by a bank Communication with taxpayers (or reporters) Information security
Efficient - Challenges and Practices EOI Implementation Information management and utilization Classification, receipt, and process Data matching and utilization of CRS information Data matching difficulties - example ( )( )( ) Four transliteration systems: WANG, YU-XUAN WANG, YU-SYUAN WANG, YU-HSUAN WANG, YU-SHIUAN / YU-SHIUAN WANG special phonetic alphabets / YU-XUAN WANG / YU-SYUAN WANG / YU-HSUAN WANG
COVID-19 and promotion of digital transformation ( DX ) Challenges arising from promoting DX in terms of CRS reporting - establishing a stable, simplified, and secure portal Features of the current CRS reporting portal for financial institutions Pre-registration system Simplified reporting procedures for nil-report Reporting test period Transforming manually-inputted data into XML files Offline examination tool
COVID-19 and promotion of digital transformation ( DX ) Challenges arising from promoting DX in terms of AEOI and EOIR - lack of access to the CTS Features of the current International Exchange of Information Platform (IEIP) for data transmissions Digital signature and encryption Two parallel routes for users with different needs: HTTPS and SFTP Prohibition of long-term data storage Plans to extend the scope of information exchange services
Closing Following international standards and enhancing cooperation Including efficient EOI implementation Supporting the promotion of DX Taking account of confidentiality and cyber security
