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[Law Basis]
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1. Banking enterprises shall assist customers to make truthful declarations
pursuant to the Regulations Governing the Declaration of Foreign Exchange
Receipts and Disbursements or Transactions (hereinafter referred to as “the
Regulations for Declaration”) when customers settle foreign exchange against
the New Taiwan dollar.
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2. Banking enterprises that handle the declaration of foreign exchange settlement against the
New Taiwan dollar in accordance with Subparagraph 3, Paragraph 1, Article 4 of the
Regulations for Declaration shall enquire online and count the amount toward the
declarant’s accumulated settlement amount of the current year, and:
(1) Banking enterprises shall prevent the declarant from using a third party name to make the
declaration.
(2) The settlement amount limit of a person who holds an Alien Resident Certificate with a
validity of less than one year shall be handled on the same basis as that of a
non-resident, and the banking enterprise is not required to enquire online about the
accumulated settlement amount of the current year.
(3) For the declaration of an inward remittance which has originally been remitted out of the
R.O.C. and counted toward the accumulated settlement amount of the current year as
provided in Subparagraph 3, Paragraph 1, Article 4 of the Regulations for Declaration（
hereinafter referred to as “Annual Aggregate Settlement Amount”）, the declarant is
entitled to settle the inward remittance. Banking enterprises are not required to enquire
online or count the amount of settlement toward the declarant’s accumulated settlement
amount of the current year. In addition, the banking enterprise shall enter the amount and
the date of foreign exchange sale of inward remittances on the declarant's original
Foreign Exchange Sale Memo, affix the signature/seal, and retain a photocopy for future
reference.
(4) The enquired record of the settlement amount shall be printed out on the banking
enterprise's receipt slip of the Declaration Statement of Foreign Exchange Receipts and
Disbursements or Transactions (hereinafter referred to as “Declaration Statement”) to
facilitate on-site examination by the Central Bank of the Republic of China (Taiwan) (
hereinafter referred to as “the Bank”) and other financial auditing authorities.
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3.Banking enterprises that engage in foreign exchange settlements against the New
Taiwan dollar in accordance with Subparagraph 4, Paragraph 1, Article 4, of the
Regulations for Declaration shall be aware that the settlement amount for a
single transaction is limited to a maximum of United States dollars 100,000.
Such banking enterprises shall strive to prevent declarants from breaking up
large settlements into smaller ones to avoid the provision of Article 6 of the
Regulations for Declaration which requires that large foreign exchange settlement
amounts may only be completed after obtaining the Bank's approval. Banking
enterprises that engage in foreign exchange settlements against the New Taiwan
dollar in accordance with Paragraph 3, Article 5 of the Regulations for
Declaration shall be aware that the cumulative settlement amount shall not exceed
the limit approved by the competent authorities.
When processing remittance for international humanitarian assistance made by a
domestic public-service charity, a banking enterprise should count the remittance
amount toward the charity’s annual aggregate settlement amount. However, if the
international humanitarian assistance plan used by such charity has been approved
by the competent authority, and the settlement amount is in compliance with the
amount approved by the competent authority, the settlement handled by the banking
enterprise after affirming that the documentation is consistent shall be excluded
from the charity's annual aggregate settlement amount.
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4. For the amount of foreign exchange sold or purchased by a private enterprise in relation
to funds borrowed overseas for which the enterprise has filled out the “Statement of Medium
- and Long-Term External Debts by Private Enterprises” that bears the approval stamp of the
Bank’s Department of Foreign Exchange (hereinafter referred as “the Department”) and
subsequent repayments of principal and interest, banking enterprises shall first enquire
online and count the amount toward the accumulated settlement amount of the current year of
the said enterprise. However, for exchange settlements relating to repayments of principal
and interest, the banking enterprise may still process the settlements without obtaining the
prior approval from the Department even if the said enterprise has used up its Annual
Aggregate Settlement Amount.
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5. For citizens of Mainland China with Taiwan Entry and Exit Permits or Taiwan Resident
Certificates declaring to settle foreign exchange against the New Taiwan dollar, the
settlement shall be handled on the same basis as that for non-residents. When the origin of
remittance or the destination of remittance is Mainland China, the banking enterprise shall
handle the settlement in accordance with Article 26 herein. When handling such cases, the
banking enterprise shall record the Identification Card number on the declarant's Taiwan
Entry and Exit Permit or Taiwan Resident Certificate. If the declarant does not have an
Identification Card number, the banking enterprise shall record the Permit number and
specify the country of origin as "Mainland China" and annotate "Citizens of the Mainland
China" on the Foreign Exchange Purchase (Sale) Memo. For diplomats of diplomatic missions
holding an Identification Card issued by the Ministry of Foreign Affairs, overseas Chinese
holding ROC passports issued by the Ministry of Foreign Affairs, the R.O.C. and residents of
Hong Kong or Macao holding Taiwan Entry and Exit Permits or relevant entry documents with a
validity of less than one year, the settlement limit shall be the same as that for
non-residents. For banking enterprises processing declarations of foreign exchange
settlement against New Taiwan dollar made by foreign diplomatic institutes in the R.O.C.,
there is no limit on the aggregate settlement amount, regardless the nature of the
settlement. The annual aggregate settlement amount for accounting firms, law firms, or
medical clinics shall be the same as for associations. For the settlements of inward (or
outward) remittances made by a listed company on behalf of foreign employees (excluding
Mainland China employees) to be used for the purchase (or sale) of shares of the said
company, if the settlement amount per transaction made by each foreign employee does not
exceed US$100,000, banking enterprises may process the settlements after verifying the
declaration statement and detailed list filed by the listed company for the purchase (or
sale) made by the foreign employees (the contents thereof shall include name of the
employee, nationality, numbers of shares acquired (sold) and the settlement amount).
However, if a single settlement made by a foreign employee exceeds US$100,000, the listed
company shall apply for the Department’s approval through a banking enterprise before
processing the settlement. For the settlements of outward (or inward) remittance made by a
Taiwan branch (or subsidiary) of a foreign company on behalf of domestic employees to be
used for the purchase (or sale) of shares of the foreign parent company, if each settlement
amount made by the domestic employee is less than NT$500,000 or the equivalent thereof,
banking enterprises may process the settlements after verifying the declaration statement
and the detailed list of settlements (contents thereof shall include the name,
Identification Card number and settlement amount of the employee) which are filed by the
Taiwan branch (or subsidiary). This domestic employee doesn’t need to complete a
Declaration Statement, and the above-mentioned settlement amount would not be counted toward
the accumulated settlement amount of the current year of the employee. However, if a single
settlement amount made by the domestic employee exceeds NT$500,000 or the equivalent
thereof, the Taiwan branch (or subsidiary) shall annotate the date of birth of the employee
in the detailed list of settlements filed with the banking enterprise and this amount shall
be counted toward the accumulated settlement amount of the current year of the said employee.
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6. When engaging in a single foreign exchange transaction against the New Taiwan dollar for an
amount less than NT$500,000 or the equivalent thereof, the customer is not required to
complete a Declaration Statement and the settlement amount will not be counted toward the
accumulated settlement amount of the current year. Banking enterprises shall, however, be
aware of and strive to prevent customers from breaking up a large settlement into smaller
ones to evade the required declaration and enquiries about the accumulated settlement amount
of the current year.
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7. When processing a declaration of remittance settlement relating to loans borrowed by a firm
from its subsidiary in a third area or Mainland China and subsequent repayments of principal
and interest paid by the firm for investment in a third area or Mainland China that has been
approved by (or reported to) the Investment Commission of the Ministry of Economic Affairs (
hereinafter referred to as the “Investment Commission”), banking enterprises shall,
depending upon the circumstances, take note of the following situations:
(1) For the settlements of funds borrowed from a third area or Mainland China and remitted into
Taiwan: Banking enterprises shall verify the letter from the Investment Commission
approving the firm to invest in a third area or Mainland China, documents evidencing the
loan from its subsidiary and the accuracy of the "Declaration Statement for Loans Received
by Taiwan Firms from Third Area Subsidiaries" or the "Declaration Statement for Loans
Received by Taiwan Firms from Mainland China subsidiaries" (in duplicate, see Attachments
1, 2) before processing the settlemant. The settlement amount of inward remittances of
principal of loans shall not be counted toward the firm's accumulated settlement amount of
the current year.
(2) For the settlement of the repayment of principal and interest to be remitted to a third
area or Mainland China: A firm may present the second slip of the aforementioned original
"Declaration Statement for Loans" issued by a banking enterprise when purchasing foreign
exchange for the repayment of principal and interest. Foreign exchange purchased for the
repayment of principal and interest shall not be counted toward the firm's accumulated
settlement amount of the current year.
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8. When processing the settlements of inward remittances of dividends and profits
and subsequent outward remittances made by firms described in Article 7,
banking enterprises shall, depending upon the circumstances, beware of the
following matters:
(1) Settlements of inward remittances of dividends and profits from a third area or
Mainland China:
Banking enterprises shall verify the letter from the Investment Commission of
the Ministry of Economic Affairs approving the firm to invest in Third Area or
Mainland China and all relevant documents regarding dividend distribution and
the profits of such subsidiaries located in Third Area or Mainland China
provided by such firms. Banking enterprises may process the settlements
after verifying that the “Declaration Statement for Inward Remittance of
Dividends and the Profits from its Subsidiaries in a third area" or the
"Declaration Statement for Inward Remittance of Dividends and Profits from Mainland
China Subsidiaries" (in duplicate, see Attachments 3,4) is correct. Such
settlement amount for dividends and profits from its subsidiaries in a third area or
Mainland China will not be counted toward the firm’s accumulated settlement amount
of the current year.
(2) Subsequent settlement of outward remittances from Taiwan:
A firm may apply to engage in such outward remittance based on the above-mentioned
"Declaration Statement for Inward Remittance of Dividends and Profits" issued by
banking enterprises. There is no restriction on the nature and designated area of
such remittance; however, for outward remittances to the Mainland China area, the firm
shall follow Article 26. If the firm possesses the dividends and profits remitted inward
in a foreign currency, the subsequent outward remittances shall be made in the foreign
currency. If the inward remittances of dividends and profits were settled in New Taiwan
dollars, then the firm may make outward remittances either by using its own foreign
exchange deposit or purchasing foreign exchange. Such settlement of outward remittances
will not be counted toward the firm’s accumulated settlement amount of the current year.
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9. Banking enterprises shall assist a declarant to truthfully fill out the "declarant's ID
number" on the Declaration Statement in accordance with the following provisions:
(1) For a company, a firm or an association established in the R.O.C. pursuant to the laws of
the R.O.C. or recognized by and registered with the Government of the R.O.C.:
A. A company or a firm: Indicate the Uniform No. provided by the competent authorities for
its establishment and registration.
B. An association: Indicate the Uniform No. on an establishment certificate issued by the
competent authorities. If the establishment certificate issued by the competent
authorities does not bear a Uniform No., the association shall indicate the name of the
competent authorities approving its registration and registration certificate number.
To facilitate the sorting of settlement statistics, the association shall also indicate
the uniform tax withholding number assigned by the tax authorities.
(2) For an individual over 20 years of age who holds a citizen's ID Card, a Taiwan Resident
Certificate, or an Alien Resident Certificate with a validity of no less than one year :
A. An individual with a citizen's ID Card: Write down the citizen's ID No.
and date of birth.
B. Holders of Taiwan Resident Certificates or Entry/Exit Permit with a validity of
no less than one year (excluding citizens of Mainland China): Indicate the
identification number and date of birth as specified on the Taiwan Resident
Certificate in the column of "ROC Citizen" on the Declaration Statement. The
declarant shall write down the identification number, for example, AA12345678, then the
number (10 digits) shall be input into the computer.
C. Holders of Alien Resident Certificates: Indicate the uniform identification number, the
date of issuance, date of expiry, and date of birth as specified on the Alien Resident C
ertificate in the column of "Foreign Individual" on the Declaration Statement. The
declarant shall indicate his or her uniform identification number, for example,
AC12345678, then the number (10 digits) shall be input into the computer.
(3) For citizens of Mainland China, residents of Hong Kong and Macao, or non-resident natural
persons that do not hold Taiwan Resident Certificates or Alien Resident Certificates, or if
the validity of certificates are less than one year :
A. For citizens of Mainland China holding Taiwan Entry and Exit Permits or Taiwan Resident
Certificates, and residents of Hong Kong or Macao holding Taiwan Entry and Exit Permits
or relevant entry documents with a validity of less than one year : Indicate the
person's uniform identification number in the ”Passport Number” item under "Without
Alien Resident Certificate" subparagraph of the "Foreign Individual" column on the
Declaration Statement. If the declarant does not have a uniform identification number,
indicate the permit number.
B. Foreign passport holders: Indicate nationality and passport number in the "Without Alien
Resident Certificate" subparagraph of the "Foreign Individual" column on the Declaration
Statement.
C. Persons holding ROC passports issued by the Ministry of Foreign Affairs but do not have
citizens' ID Cards: Indicate the passport number in the "Without Alien Resident
Certificate" subparagraph of the "Foreign Individual" column on the Declaration
Statement; indicate the country where passport was issued in the "Nationality" item and
annotate the passport issuing authorities.
(4) For non-resident legal entities not lawfully established within the territory of the R.O.C.
or not recognized by the ROC government:
A. Non-resident legal entities: Shall authorize its representative or agent in the R.O.C.
to act as the declarant. In its Declaration Statement, the said representative or agent
shall write down his/her ID No. or certificate number and clearly state particulars
concerning the representation/ agency relationship.
B. Foreign financial institutions: Shall authorize a local financial institution to act as
the declarant. In its Declaration Statement, the said local financial institution shall
write down the identification number on the establishment permit issued by the competent
authorities and clearly state the particulars concerning the representation/agency
relationship. However, a foreign financial institution outside the territory of the
R.O.C. may not sell foreign exchange through inward remittances.
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10. Since the information put down in a Declaration Statement concerns the rights
and responsibilities of a declarant, the banking enterprise shall not fill out a
Declaration Statement for a declarant, unless the declarant is illiterate. In
the event that the banking enterprise fills out a Declaration Statement for a
declarant, the declarant shall affix her/his seal or signature on the
Declaration Statement to take the responsibility.
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11. Banking enterprises shall assist declarants to fill out the Declaration
Statement carefully and truthfully. In the event that the nature of the
settlement and the amount to be settled are inconsistent with the status or
occupation of the declarant or contrary to the judgment of common sense, the
banking enterprise shall assist the declarant to declare truthfully before
processing the settlement.
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12. In case a declarant uses a seal for a specific purpose on his Declaration
Statement, the purpose of the seal shall be one for making settlements or
relevant to the settlements.
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13. The amount stated in a Declaration Statement may not be corrected. If any other
fact stated in the Declaration Statement is corrected, the declarant shall
affix his/her seal or signature next to the correction.
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14. Banking enterprises shall check whether all fields of a Declaration Statement are properly
filled out. The nature of settlement shall be documented accurately in lieu of a remittance
classification code.
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15. For foreign exchange settlements where a customer first deposits inward remittances from
abroad or the OBU of a domestic bank into his/her foreign currency deposit account and then
withdraws the money, or remits money in through another domestic bank or through the OBU of
a domestic bank, the banking enterprise shall take note of the following when assisting the
customer in filing the declaration:
(1) The nature of settlement shall be the same as that of inward remittances from abroad or
through the OBU of a domestic bank.
(2) For the “origin of remittance”, put down“domestic” in the case of withdrawal from
foreign exchange deposit accounts or inward remittances from another domestic bank; put
down “OBU of domestic bank” in the case of selling foreign exchange from inward
remittances through the OBU of a domestic bank.
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16. If a customer buys foreign exchange and deposits it into his foreign currency
deposit account or remits it to another domestic bank, and then remits the
money again abroad or to the OBU of a domestic bank, or the customer buys
foreign exchange and remits it to the OBU of a domestic bank directly, the
banking enterprise shall take note of the following when assisting the customer
in filing the declaration:
(1) The nature of the foreign exchange disbursement or transaction shall be the
same as that of the outward remittance abroad or to the OBU of a domestic bank.
(2) As for the “ destination of remittances”, put down “domestic” in the case
of money deposited in a foreign currency deposit account temporarily or
remitted to another domestic bank; put down “OBU of domestic bank” in the
case of money remitted to the OBU of a domestic bank.
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17. When a banking enterprise accepts a declarant's application in person at the banking
enterprise for making declarations of foreign exchange settlements via the Internet in
accordance with Article 10 of the Regulations for Declaration, the related terms and
conditions of the agreement between the banking enterprise and the declarant shall include
matters prescribed in Article 11 of the Regulations for Declaration.
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18. Banking enterprises shall design online control programs according to declaration
procedures which are applicable for making declarations in person at the banking
enterprise, provide online declaration instructions, the Regulations for Declaration and
relevant provisions on the website, and assist declarants in making declarations through
the Internet.
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19. When a declarant completes a foreign exchange settlement declaration through the Internet
pursuant to Subparagraph 3, Paragraph 1, Article 4 of the Regulations for Declaration, the
banking enterprise shall use an online real-time enquiry system and count the amount of
settlement toward the accumulated settlement amount of the current year to check the
declarant's aggregate settlement amount for that year. The banking enterprise, before
processing the declaration, shall verify that the above amount does not exceed the Annual
Aggregate Settlement Amount, and maintain the enquiry records on the declaration medium
retained by the banking enterprise.
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20.Before processing a declarant’s declaration of foreign exchange settlement via the Internet
prescribed in Article 5 of the Regulations for Declaration, the banking enterprise shall
first verify the veracity of foreign exchange settlement documents provided, faxed, or
scanned by the declarant. To facilitate future examination, the banking enterprise shall
write down the amount and date of foreign exchange settlements, the Foreign Exchange Memo
number and affix its signature or seal on the relevant documents.
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21. Banking enterprises may not alterfy any of the declarant's declaration data it
preserves in electronic format.
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22. A banking enterprise shall first verify that a declarant's registration certificate number
indicated by a declarant according to the provisions of Direction 9 herein is the same as
the corresponding number on the declarant's identification document or primary registration
data before processing the declaration of foreign exchange settlement. The banking
enterprise shall also verify the particulars of mandate or delegate matters, and confirm
that the foreign exchange involved in the receipts, disbursements, or transactions actually
belongs to or is needed by the declarant before processing the declaration. If the
declarant is a company, the banking enterprise shall go to the Commerce Industrial Services
Portal of the Ministry of Economic Affairs to enquire and verify the company's registration
data.
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23. A banking enterprise shall verify that information recorded on the Declaration
Statement is consistent with corresponding information on any contracts,
letters of approval, or other evidencing documents related to the foreign
exchange receipts, disbursements, or transactions before processing a
declarant's foreign exchange settlement declaration in accordance with Article
5 of the Regulations for Declaration. Photocopies of the relevant evidencing
documents shall be preserved for future reference. The banking enterprise shall
be attentive and strive to prevent declarants from breaking up large
settlements into smaller ones to evade the regulation in which evidencing
documents shall be submitted to confirm transactions.
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24.Banking enterprises that handle declarations of foreign exchange settlements needed for
direct investments, portfolio investments and futures transactions approved by the competent
authorities, shall, in addition to the instructions set out in Direction 26 herein, comply
with the provisions of attached Tables 1 through 8 concerning documents to be verified, and
take note of the following:
(1) Investments by foreigners or overseas Chinese: Except that the investment application
requirement is waived pursuant to the “Statute for Investment by Overseas Chinese” and
the “Statute for Investment by Foreign Nationals”, the relevant approval documents
issued by the competent authorities shall be verified.
(2) Investments in third areas (including indirect investments in Mainland China Area through
a company in third area): Except for cases that make use of Annual Aggregate Settlement
Amount and the amount of any single foreign exchange settlement exceeds the amounts
specified in Subparagraphs 1 and 2, Article 5 of the Regulations for Declaration, in
which the concrete foreign investment plan or relevant evidencing documents shall be
verified, the banking enterprises shall verify documents specified in the attached Table
1 for the other cases. But for indirect investments in Mainland China through a third-are
a company, the accumulated amount remitted out for any single investment shall be limited
to US$1,000,000; for any single investment that exceeds US$1,000,000, the banking
enterprise shall also verify the letter from the Ministry of Economic Affairs approving
the inderect investment in Mainland China Area.
(3) Foreign exchange settlement cases that are declared in accordance with the provisions
of attached Tables 1 through 8, and for which, the banking enterprise has verified the
required approval documents issued by the competent authorities and relevant evidencing
documents, the amount of settlement needs not be included in the customer’s accumulated
settlement amount of the current year as provided in the attached tables. However for
foreign exchange settlement against the New Taiwan dollar made by individuals for
investment in a third area, the amount of settlement shall be counted toward the
customer's accumulated settlement amount of the current year, regardless whether such
investment has been approved by the competent authorities or not.
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25.Banking enterprises that handle declarations of foreign exchange settlements against the New
Taiwan dollar relating to repayment of medium- and long-term external debts of private
enterprises, shall comply with the provisions of the attached Table 9 concerning documents
to be verified.
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26.Banking enterprises that process outward remittances to and inward remittances from Mainland
China Area shall comply with the provisions of attached the Table 10 concerning documents to
be verified and take note of the following:
(1) Banking enterprises may not process inward or outward remittances for the purpose of direct
investments and portfolio investments not approved by the competent authorities, or for
other purposes not approved according to laws and regulations.
(2) Direct investment in Mainland China:
A. Outward remittances of equity investment or working capital:
The banking enterprise shall first verify the letter from the Ministry of Economic
Affairs approving the direct investment in Mainland China. For an outward remittance
settlement against the New Taiwan dollar, the amount of settlement shall be counted
toward the accumulated settlement amount of the current year in case of individuals and
shall not be counted toward the accumulated settlement amount of the current year in case
of companies, firms and associations. However, for any single direct investment case
where the accumulated investment amount does not exceed US$1,000,000, the banking
enterprise may at its own discretion process the outward remittance to Mainland China with
out verifying the approval letter from the Ministry of Economic Affairs. Where an
investor settles outward remittance against the New Taiwan dollar, the amount of
settlement shall be counted toward the investor’s accumulated settlement amount of the
current year; where the amount of settlement (or outward remittance) by a company or a
firm is US$1,000,000 or more, or the amount of settlement (or outward remittance) by an
individual or an association is US$500,000 or more, the banking enterprise shall first
verify relevant evidencing documents in accordance with Article 5 of the Regulations for
Declaration before processing the case.
B. Inward remittances:
i. Inward remittance of foreign exchange from transference, partial or complete
withdrawal of investments: The banking enterprise shall first verify the letter
from the Ministry of Economic Affairs approving the transference, partial or complete
withdrawal of investment, or a report to the Ministry of Economic Affairs for direct
investment in Mainland China before processing the case.
ii. Inward remittance of dividends or profits: The banking enterprise shall first verify
the document evidencing the original approval (report) by (to) the Ministry of
Economic Affairs for direct investment in Mainland China and documents relevant to the
distribution of dividends (profits) by the Mainland China investees.
iii. Inward remittance settlement against New Taiwan dollar: For companies, firms and
associations, the amount of settlement needs not be counted toward the accumulated
settlement amount of the current year; for individuals, the amount of settlement
shall be counted toward the accumulated settlement amount of the current year.
However, repartriation of funds originally remitted out and counted toward the Annual
Aggregate Settlement Amount shall be excluded from customer’s accumulated settlement
amount of the current year.
C. Portfolio investment in Mainland China:
i. Outward remittance and inward remittance:
The banking enterprise shall first verify the photocopy of the letter of the Securities
Investment Trust & Consulting Association (“SITCA”) filed with the securities
competent authorities that the customer been approved by the competent authority in
Mainland China as a qualified foreign institutional investor (QFII) before processing
the case.
ii. Remittance settlement against New Taiwan dollar: The banking enterprise shall also
verify documents specified in Subparagraph 2 of Direction 27 herein or documents
specified in the attached Table 4 in addition to verifying documents specified above.
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27. Banking enterprises shall, based on the type of mandated settlement, verify the following
documents before processing the declaration of a company to settle foreign exchange against
New Taiwan dollar in the name of the mandatory in accordance with Paragraph 1, Article 8 of
the Regulations for Declaration:
(1) For declarations of foreign exchange settlements relating to salaries of foreign
workers by private employment service organizations:
A. The Declaration Statement completed by the private employment service organization,
the valid permit of the private employment service organization issued by the
Council of Labor Affairs of the Executive Yuan, the latest assessment certificate
identifying the declarant as a“private employment service organization engaging in
cross-border human resources service”, a power of attorney for foreign workers on
declaration of foreign exchange settlement related to salaries (e.g. Attachment 5),
and a detailed list of outward remittances of salaries on behalf of foreign workers
in Taiwan (e.g. Attachment 6).
B. In the field of nature of settlement in the Declaration Statement, the declarant
shall choose item 2 and write down “settlement of salaries on behalf of foreign
workers in Taiwan” as the nature of settlement.
C. The settlement amount on the detailed list of settlements shall be the same with the
actual settlement amount. If the settlement amount listed is found to be
unreasonable or abnormal, the banking enterprise shall request the declarant to
provide all documents and relevant information, and may process such settlement only
after verifying the settlement is consistent with what has been reported.
(2) For the declaration of foreign exchange settlements made by an enterprise engaging in
the business of New Taiwan dollar-denominated discretionary investment in foreign
securities (including securities investment consulting enterprises ("SICEs"),
securities investment trust enterprises ("SITEs"), managed future enterprises and trust
enterprises) on behalf of a principal to invest in foreign securities:
A. The Declaration Statement completed by the above-mentioned enterprise, the power of
attorney for conducting settlements issued by each principals, and a detailed list
that includes the settlement amount of each principal (the contents of which shall
include the name, uniform number, date of birth of the principals, and settlement
amounts, and can be waived if a single settlement made by an individual principal is
less than NT$500,000 or the equivalent thereof).
B. When the contract entered into between the above-mentioned enterprise and the
principal explicitly states that the enterprise is mandated to make foreign exchange
settlements, the power of attorney for settlement written by the principal may be
replaced by a statement which indicates that the enterprise has been mandated to
make foreign exchange settlements.
C. Enquiring and counting toward the principal's accumulated settlement amount of the
current year： Such settlements may be exempt from the annual settlement amount of
the principal if it is the repatriation of a previous outward remittance. However, a
declaration statement issued by the above-mentioned enterprise is required.
(3) For declaration of foreign exchange settlements made by an insurance company on behalf
of a policyholder to invest in foreign securities relating to its New Taiwan
dollar-denominated investment-based insurance product:
A. The Declaration Statement completed by the life insurance company, the power of
attorney for conducting settlements issued by the policyholder, and a detailed list
that include the settlement amount of each policy-holder (the contents of which
shall include the name, identification number, date of birth of the policy-holder
and settlement amount, and can be waived if a single settlement made by an
individual policy-holder is less than NT$500,000 or the equivalent thereof).
B. When the contract entered into between the life insurance company and the
policy-holder explicitly states that the life insurance company is mandated to make
foreign exchange settlements, the power of attorney for settlements written by the
policy-holder may be replaced by a statement which indicates that the life insurance
company has been mandated to make foreign exchange settlements.
C. Enquiring and counting the policy-holder's accumulated settlement amount of the
current year： Such settlement may be exempt from the annual settlement amount of
the policy holder if it is the repatriation of a previous outward remittance.
However, a declaration statement issued by the above-mentioned company is required.
(4) For declaration of foreign exchange settlements made by the Taiwan Futures Exchange (
“TAIFEX”) on behalf of TAIFEX’s members for futures clearing and settlements:
A. The Declaration Statement completed by TAIFEX and a detailed list that includes the
settlement amount of each member (the contents of which shall include the name,
uniform number of the members and settlement amount, and can be waived if a single
settlement amount made by an individual member is less than NT$500,000 or the
equivalent thereof).
B. Enquiring and counting toward the member’s accumulated settlement amount of the
current year.
(5) For the declaration of foreign exchange settlements made by a managed futures
enterprise on behalf of principals for required margins for futures trading relating to
its New Taiwan dollar-denominated discretionary investment service:
A. The Declaration Statement completed by the managed futures enterprise, the power of
attorney for conducting settlement issued by each principal and a detailed list that
includes the settlement amount of each principal (the contents of which shall
include the name, uniform number, date of birth of the principal, and settlement
amount, and can be waived if a single settlement amount made by an individual
principal is less than NT$500,000 or the equivalent thereof).
B. When the contract entered into between the above-mentioned enterprise and the
principal explicitly states that the enterprise is mandated to make foreign exchange
settlements, the power of attorney for settlement written by the principal may be
replaced by a statement which indicates that the enterprise has been mandated to
make foreign exchange settlements.
C. Enquiring and counting toward the principal's accumulated settlement amount of the
current year： Such settlements may be exempt from the annual settlement amount of
the principal if it is the repatriation of a previous outward remittance. However, a
declaration statement issued by the above-mentioned enterprise is required.
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28. Banking enterprises shall, based on the type of mandated settlements, verify the following
documents are correct before processing the declaration of foreign exchange settlements
involving the conversion of New Taiwan dollars made by enterprises engaging in foreign
exchange related business approved by the Bank：
(1) For the declaration of foreign exchange settlements made by a securities firm engaging
in brokerage trading of foreign securities paid in New Taiwan dollar:
A. The Declaration Statement completed by the securities company and a letter of
approval issued by the Bank and a detailed list that includes the settlement amount
of each principal (the contents of which shall include the uniform numbers of the
principals and settlement amounts).
B. Enquiry of the settlement amount is not required. The settlement amount will not be
counted toward the securities company’s nor the principal’s accumulated settlement
amount of the current year.
(2) For the declaration of foreign exchange settlements made by a futures commission on
behalf of a principal to carry out domestic foreign currency futures and overseas
futures transactions:
A. The Declaration Statement completed by the above-mentioned futures commission
merchant, a license issued by the competent futures authority for engaging in the
futures brokerage business and a detailed list that includes the settlement amount of
each principal (the contents of which shall includes the uniform numbers of the
principals and settlement amounts).
B. Enquiry of the settlement amount is not required. The settlement amount will not be
counted toward the futures commission merchant’s nor the principal’s accumulated
settlement amount of the current year.
(3) For the declaration of foreign exchange settlements made by a futures commission
merchant on behalf of overseas Chinese, foreign investors or investors in Mainland China
(collectively referred to as “foreign or Mainland investors” hereunder) to conduct
domestic futures transactions:
A. Supporting documents: the Declaration Statement completed by the futures commission
merchant, a license issued by the competent futures authority for engaging in the
futures brokerage business and a detailed list that includes the settlement amount of
each foreign or Mainland investor (the contents of which shall include identification
number of each foreign or Mainland investor and the settlement amount).
B. These settlements are limited to the following two types: i. Foreign exchange
settlements for losses or profits incurred by foreign or Mainland investors carrying
out domestic futures transactions. ii. Advanced settlements of foreign exchange by
foreign or Mainland investors for paying their own futures transaction losses and
futures transaction fees and taxes in Taiwan, provided the settlement amount does not
exceed NT$5,000,000.
C. Enquiry of the settlement amount is not required and the settlement amount will not
be counted toward the accumulated settlement amount of the current year for the
futures commission merchant.
(4) For the declaration of foreign exchange settlements made by a futures commission
merchant for collecting of futures transaction tax and transaction fees:
A. Supporting documents: the Declaration Statement completed by a futures commission
merchant and a letter of approval or a license issued by the competent futures
authority for engaging in futures brokerage business.
B. Enquiry of the settlement amount is not required and the settlement amount will not
be counted toward the futures commission merchant’s accumulated settlement amount of
the current year.
(5) For the declaration of foreign exchange settlements made by a securities company
engaging in the derivatives transactions business:
A. The Declaration Statement completed by such securities company and the letter of
approval issued by the Bank.
B. Enquiry of the settlement amount is not required, and unless otherwise provided in
the Bank’s approval letter, the settlement amount will not be counted toward the
securities company’s nor the principal’s accumulated settlement amount of the
current year.
(6) For the declaration of foreign exchange settlements made by a general agent of offshore
fund institutions (SITEs, SICEs, securities firms and trust enterprises) or Taiwan
Depository & Clearing Corporation relating to payments for offshore funds effected in
New Taiwan dollar:
A. The Declaration Statement completed by the general agent or Taiwan Depository &
Clearing Corporation, a copy of the letter of approval issued by the competent
securities authority or a copy of the letter (not required for Taiwan Depository &
Clearing Corporation), and the letter of approval issued by the Bank and a detailed
list that includes the settlement amount of each investor (the contents of which
shall include the uniform numbers of investors, and settlement amounts, not required
for Taiwan Depository & Clearing Corporation).
B. Enquiry of the settlement amount is not required and the settlement amount will not
be counted toward the accumulated settlement amount of the current year of the
general agent, Taiwan Depository & Clearing Corporation or the investor.
(7) For the declaration of foreign exchange settlements made by a securities firm relating
to payments for foreign currency denominated international bonds it underwrites:
A. The Declaration Statement completed by the securities firm, a letter of approval
issued by the Bank, and a document evidencing payments of proceeds of bond sales.
B. Enquiry of the settlement amount is not required and the settlement amount will not
be counted toward the accumulated settlement amount of the current year of the
securities firm.
(8) For the declaration of foreign exchange settlements made by a securities firm relating
to the purchase or redemption of offshore exchange traded funds (offshore ETF) on behalf
of investors or for itself:
A. The Declaration Statement completed by the securities firm, a letter of approval
issued by the Bank, and an application for outward (inward) remittance and
cross-border transaction verified by the general agent of ETF.
B. Enquiry of the settlement amount is not required and the settlement amount will not
be counted toward the accumulated settlement amount of the current year of the
general agent, securities firm or investor.
(9) For the declaration of foreign exchange settlements made by a credit card company or
card issuing bank relating to cash withdrawals or bills abroad by holders of credit
cards, debit cards or ATM cards:
A. The Declaration Statement completed by the credit card company or card issuing bank,
a letter issued by the Bank approving the credit card company or card issuing bank to
declare settlements against New Taiwan dollars on behalf of cardholders. Enquiry of
the settlement amount is not required and the settlement amount will not be counted
toward the accumulated settlement amount of the current year of the credit card
company or card issuing bank.
B. The credit card company or card issuing bank shall in addition submit the settlement
information of cardholders to the Department before the 10th of each month in
accordance with the Directions Governing Banking The The credit card company or card
issuing bank shall in addition submit the settlement information of cardholders to
the Department before the 10th of each month in accordance with the Directions
Governing Banking Enterprises for Operating Foreign Exchange Business so the
settlement amount will be counted toward the each cardholder’s accumulated
settlement amount of the current year.
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29. In support of tax collection by the Ministry of Finance, banking enterprises shall verify
in addition the media transmission of detailed datafile of remittance settlements relating
to investments in foreign securities (attached Table 11) prepared by relevant enterprises
when processing declarations of foreign exchange settlements relating to the following
types of investments:
(1) investment in foreign securities with New Taiwan dollar denominated non-discretionary
money trust by financial institutions;
(2) investment through the trust in foreign securities by securities firms on behalf of
investors;
(3) foreign exchange settlements made by general agents of offshore funds and Taiwan
Depository & Clearing Corporation relating to investment in offshore funds;
(4) investment in foreign securities by insurance enterprises offering investment-linked
insurance products;
(5) investment in foreign securities by SITEs that issue domestic beneficiary certificates;
(6) investment in foreign securities by SITEs, SICEs and trust enterprises engaging in the
business of discretionary investment.
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[Related Regulations]
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30. To correct the content of the Declaration Statement, a declarant shall submit
the application along with the following documents to the Bank through the
original handling banking enterprise:
(1) Correction of declaration of foreign exchange settlements against the New
Taiwan dollar:
A. A declarant unintentionally making an untruthful declaration: Submit an
opinion letter issued by a lawyer, an accountant or a banking enterprise
indicating that the untruthful declaration was unintentional, the relevant
evidencing documents, the original Declaration Statement and the Foreign
Exchange Purchase (Sale) Memo (those who declared via the Internet shall
submit the Declaration Statement and the Foreign Exchange Purchase (Sale) Memo
printed by the banking enterprise), and the corrected Declaration Statement
and the Foreign Exchange Purchase (Sale) Memo. The content of the opinion
letter shall include the declarant's name, the settlement date and amount, the
content of the original declaration, the correct content of the declaration,
and the reason for making the correction.
B. A declarant intentionally making an untruthful declaration, and having already
been penalized pursuant to Paragraph 1, Article 20 of Foreign Exchange Control
Act: Submit the receipt of the fine paid, the corrected Declaration Statement,
the Foreign Exchange Purchase (Sale) Memo and the relevant evidencing
documents.
(2) Correction of the certificate of foreign exchange settlements for
export/import or other transaction certificates: Submit the original
certificates drawn by the banking enterprise (those who declared via the
Internet shall submit the certificates printed by the banking enterprise), the
corrected certificates, and documents supporting the correction within seven
business days after the said certificate was drawn by the banking enterprise.
(3) Correction of Foreign Exchange Purchase (Sale) Memo with amount less than
500,000 New Taiwan dollars: Submit the original Foreign Exchange Purchase
(Sale) Memo drawn by the banking enterprise (those who declared via the
Internet shall submit the memo printed by the banking enterprise), the
corrected Foreign Exchange Purchase (Sale) Memo, and documents supporting the
correction, within seven business days after the said Foreign Exchange
Purchase (Sale) Memo was drawn by the banking enterprise.
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31.When accepting a declarant's declaration of foreign exchange settlement, the banking
enterprise shall verify the relevant documents in accordance with the attached tables of the
Directions and the related regulations stipulated by the Bank. At the same time, the banking
enterprise shall not only request the declarant to present the relevant documents for
verification, but also indicate the date and amount of the settlement on the relevant
documents, affix the banking enterprise's signature/seal thereon, and keep one set of
photocopies of those documents. Except for the first copy of the Declaration Statement, and
the Foreign Exchange Purchase (Sale) Memo or media data prepared in accordance with Article
10 of the Regulations for Declaration that shall be submitted to the Department on the day
of transaction, the other supporting documents do not need to be sent to the Department.
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