In order to realize transparent international tax information, the Ministry of Finance promulgated the Regulations Governing the Standards on Reporting and Due Diligence for Financial Institutions on November 16, 2017 after referring to the OECD's Common Reporting Standards (CRS). In accordance with the Regulations, financial institutions must adopt a wider approach to the identification of customers' financial account information starting in 2019. For instance, when customers are tax residents of reportable jurisdictions, they must report their financial account information to the taxing authority. Starting in 2020, the Ministry of Finance will begin exchanging information with the taxing authorities in foreign countries with which this country has signed bilateral taxation agreements.
For further information: Please refer to the Ministry of Finance's exchange of information for tax purposes website.
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