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Common Reporting Standard and Exchange of Information Development in Taiwan

In this article, the author introduces the recent Common Reporting Standard legislation and gives an overview of the development of exchange of information between Taiwan and mainland China, Hong Kong, Macao, and other countries. It also compares the regulations of the Common Reporting Standard with the rules for taxing the incomes of individual controlled foreign companies and for country-by-country reporting to analyse the applications on anti-tax avoidance and double-taxation issues. In the conclusion, the author emphasises that accounting and tax professionals should catch up with the fast change of international laws and provide valuable services to clients through more cross-border collaboration.