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(Basis of Establishment)
1. These regulations are prescribed pursuant to Paragraph 1, Article 6-1 of Foreign
Exchange Control Act (hereinafter referred to as “the Act”).
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(Declarant and Methods of Declaration)
2. A person within the territory of the Republic of China who possesses or needs
foreign exchange with the value equal to or over New Taiwan Dollars 500,000 and
engages in its receipts and disbursements or transactions (hereinafter referred
to as the declarant) shall make a declaration pursuant to these Regulations.
Persons specified in the following subparagraphs shall be treated as a
declarant:
1. A statutory agent who makes a declaration of foreign exchange settlement on
behalf of others pursuant to Paragraph 2 of Article 6 herein.
2. A company or an individual that makes a declaration of foreign exchange
settlement on behalf of others in its/his own name pursuant to Paragraph 1 of
Article 8 herein.
3. A representative or agent of a non-resident legal entity within the territory
of the Republic of China that makes a declaration of foreign exchange
settlement on behalf of the non-resident legal entity pursuant to Paragraph 2
of Article 9 herein.
4. An agent of a non-resident within the territory of the Republic of China that
makes a declaration of foreign exchange settlement on behalf of the non-
resident pursuant to Paragraph 3 of Article 9 herein.
5. A declarant not specified in the preceding paragraph that makes a declaration
of foreign exchange settlement on behalf of others although he or she does
not meet the requirements therefor.
When making a declaration of foreign exchange settlement against the New Taiwan
dollar, a declarant shall truthfully fill out a Declaration Statement of Foreign
Exchange Receipts and Disbursements or Transactions (hereinafter referred to as
Declaration Statement (see attached sample) according to supporting documents,
such as a contract evidencing the foreign exchange receipts and disbursements or
transactions. The declarant shall make a declaration to the Central Bank of the R
epublic of China (Taiwan) (hereinafter referred to as the Bank) through a
banking enterprise.
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(Definitions)
3. The terms as used in these Regulations are defined as follows:
1. The term “banking enterprise” shall mean banks, credit cooperatives, credit
departments of farmers' associations, credit departments of fishermen's
associations, and the Chunghwa Post Co., Ltd. authorized by the Bank to
engage in foreign exchange business.
2. The term “company, firm or association” shall mean a company or a firm
established in the Republic of China pursuant to the laws of the Republic of
China or recognized and registered with the government of the Republic of
China, or an association that has obtained a Uniform Number from the
competent authorities.
3. The term “individual” shall mean an individual over 20 years of age
residing in the territory of the Republic of China and holding a citizen's ID
Card, Taiwan Resident Certificate or an Alien Resident Certificate that is
valid for one year or above from the date of issue.
4. The term “non-resident” shall mean a foreign national who does not have a
Taiwan Resident Certificate or an Alien Resident Certificate, or who has
relevant residence certificate with a validity of less than one year, or a
company, a firm or an association that has not been duly incorporated and
registered within the territory of the Republic of China, or a foreign legal
entity that has not been recognized by the government of the Republic of
China.
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(Direct declaration of foreign exchange settlement)
4. After filling out a Declaration Statement, a declarant may process the
settlement of foreign exchange against the New Taiwan dollar involving the
following foreign exchange receipts and disbursements or transactions. But if
the nature of the settlement falls within the foreign exchange activities
specified in Article 5, the settlement may not be processed until the banking
enterprise has confirmed that the Declaration Statement is consistent with
relevant contracts and letters of approval that evidence the foreign exchange
receipts and disbursements or transactions in question:
1.Foreign exchange receipts from the export of goods or from the provision of
services to non-residents by a company, a firm, an association, or an
individual;
2. Foreign exchange disbursements for the import of goods by a
company, a firm, an association, or an individual, or for services provided
to a company, a firm, or an association by non-residents;
3. Foreign exchange purchased or sold within one year by a company or a firm
with an accumulated amount not exceeding United State dollars 50 million; or
foreign exchange purchased or sold within one year by an association or an
individual with an accumulated amount not exceeding United States dollars 5
million; however the amount of foreign exchange purchased or sold as referred
to in the preceding two subparagraphs will not be included in the yearly
aggregate settlement amount; and
4. A single remittance by a non-resident not exceeding United States dollars
100,000. However, a foreign financial institution outside the territory of
the Republic of China may not sell foreign exchange from inward remittance.
Where a declarant has made foreign exchange settlement against the New Taiwan
dollar for the foreign exchange receipts, disbursements, or transactions from
the export or import of goods as specified in Subparagraphs 1 and 2 of the
preceding paragraph with shipping documents, a certificate of foreign exchange
settlements against the New Taiwan dollar for exports/imports drawn by a banking
enterprise may serve as the Declaration Statement.
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(Declaration of foreign exchange settlement requiring documentation)
5. The settlement of foreign exchange against the New Taiwan dollar involving the
following foreign exchange receipts and disbursements or transactions may not be
processed until the banking enterprise has confirmed that the Declaration
Statement is consistent with relevant contracts and letters of approval that
evidence the foreign exchange receipts and disbursements or transactions in
question:
1.A single remittance by a company or a firm with an amount over United States
dollars 1 million;
2.A single remittance by an association or an individual with an amount over
United States dollars 500,000;
3.Remittances approved by the competent authorities for direct investment,
portfolio investment or futures trading;
4.Remittances for transactions conducted within the territory of the Republic of
China involving goods or services located outside the territory of the
Republic of China; and
5.Remittances that require evidencing documents for verification by banking
enterprises pursuant to other regulations of the Bank.
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(Declaration of foreign exchange settlement requiring approval)
6. The settlement of foreign exchange against the New Taiwan dollar involving the
following foreign exchange receipts and disbursements or transactions may not be
processed until the declarant has received approval from the Bank by submitting
the Declaration Statement along with evidencing documents through banking
enterprises:
1. Essential remittances by a company or a firm whose accumulated amount of
foreign exchange purchased or sold within one year has exceeded United States
dollars 50 million; or essential remittances by an association or an
individual whose accumulated amount of foreign exchange purchased or sold
within one year has exceeded United States dollars 5 million;
2. A single remittance with an amount over New Taiwan dollars 500,000 by a ROC
citizen less than 20 years of age;
3. The following remittances where a single remittance by a non-resident exceeds
United States dollars 100,000 in foreign exchange purchased or sold:
(1) Funds for engaging in construction projects within the territory of the
Republic of China;
(2) Guarantees and arbitration fees due for deposit as a result of pending
legal disputes within the territory of the Republic of China;
(3) Funds relevant to real estate for self use within the territory of the
Republic of China that has been legally acquired or approved by the
competent authorities; and
(4) Inheritance, insurance claims, and pensions legally acquired within the
territory of the Republic of China.
4.Other essential remittances.
The foreign exchange settlement for remittances specified in Subparagraph 2 of
the preceding paragraph shall be declared by the principal's statutory agent,
and the principal and his/her statutory agent shall both sign on the Declaration
Statement in the “Signature of declarant and its responsible person” section.
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(Acceptance procedure)
7. When a declarant applies for declaration of foreign exchange settlement against
the New Taiwan dollar at a banking enterprise, the banking enterprise shall
examine and verify the identification documents or registration documents of a
declarant, and advise the declarant on how to fill out a Declaration Statement,
and affix its seal on the Declaration Statement in the “Signature of Banking
Enterprise Personnel Advising the Declarant” section.
Banking enterprises shall properly store the Declaration Statements filled out
and other documents provided by declarants when applying for declaration of
foreign exchange settlement against the New Taiwan dollar at the banking
enterprise and retain such documents for at least five years.
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(Mandated declaration of foreign exchange settlement)
8. Where a declarant mandates a company or an individual to declare foreign
exchange settlement against the New Taiwan dollar on his/her behalf, the
mandatary shall make declaration in the name of the mandatory in accordance with
the “Directions for Banking Enterprises while Assisting Customers to Declare
Foreign Exchange Receipts and Disbursements or Transactions” and other
regulations of the Bank.
In addition to the situation as stipulated above, a declarant may mandate
another person to declare foreign exchange settlement against the New Taiwan
dollar on his/her behalf, but the principal shall assume full responsibility for
the items declared thereof. In addition, the mandatary shall present a letter of
mandate and identification documents of both the principal and the mandatary to
the banking enterprise, and make the declaration in the name of the principal.
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(Declaration of foreign exchange settlement by non-residents)
9. Unless otherwise provided by the Bank, a non-resident natural person making a
declaration of foreign exchange settlement against the New Taiwan dollar
specified in Subparagraph 4, Paragraph 1, Article 4 or Subparagraph 3, Article 5
shall make the declaration in person with a passport or other identification
documents.
Unless otherwise provided by the Bank, a non-resident legal entity making a
declaration of foreign exchange settlement against the New Taiwan dollar
specified in Subparagraph 4, Paragraph 1, Article 4 or Subparagraph 3, Article 5
shall submit a letter of authorization authorizing its representative or agent
within the territory of the Republic of China to make a declaration on its
behalf in the name of the representative or agent; where a non-resident legal
entity is a foreign financial institution, the non-resident legal entity shall
authorize a financial institution within the territory of the Republic of China
to make a declaration on its behalf in the name of the financial institution.
A non-resident making a declaration of foreign exchange settlement through a
banking enterprise pursuant to the rules set forth in Subparagraphs 3 and 4,
Paragraph 1 of Article 6 herein, shall submit a letter of authorization
authorizing its agent within the territory of the Republic of China to make a
declaration on his/her behalf in the name of the agent.
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(Internet Declaration (1))
10. When any of the following declarants makes a declaration of foreign exchange
settlement against the New Taiwan dollar, they may make a declaration to the
Bank via electronic document through a banking enterprise that has been
approved by the Bank to engage in Internet foreign exchange business:
1. A company, a firm or an association; or
2. An individual.
A declarant using the Internet to make a declaration of foreign exchange
settlement against the New Taiwan dollar shall first visit a banking
enterprise in person to apply for and handle related matters as stipulated.
A banking enterprise shall abide by the following provisions when processing
declarations:
1. It shall verify the declarant’s identification document or basic
registration information.
2. It shall provide a sample Declaration Statement with a description of how
it shall be filled out on its website.
3. After confirming a match for the electronic signature on the declarant’s
completed Declaration Statement, the banking enterprise shall, based on the
content of the Declaration Statement, produce the media data on foreign
exchange purchase/sale memo in a format prescribed by the Bank and submit
it to the Bank. Such media data shall be treated the same as the declarant
making a declaration to the Bank.
4. Declaration records of foreign exchange receipts and disbursements or
transactions in electronic format, as well as other written, faxed, or
scanned documents shall be properly stored for auditing, query, and
printing purposes by banking enterprises and shall be retained for at least
five years.
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(Internet Declaration (2))
11. A declarant making a foreign exchange settlement through the Internet pursuant
to Article 5 shall provide the banking enterprise with the original foreign
exchange settlement documents or relevant foreign exchange settlement documents
that match the originals; where a declarant makes a foreign exchange settlement
against the New Taiwan dollar based on letters of approval from the competent
authorities, the total accumulated foreign exchange settlement amount may not
exceed the approved amount.
Where a declarant making a declaration of foreign exchange settlement against
the New Taiwan dollar through the Internet is found to have made an untruthful
declaration, that declarant shall thereafter make declarations of foreign
exchange settlements against the New Taiwan dollar in person at banking
enterprises only.
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(Correction of Declaration Statement)
12. A declarant shall not change the contents of the Declaration Statement after
making a declaration of foreign exchange settlement against the New Taiwan
dollar. However a declarant may apply to the Bank for correcting the
Declaration Statement through a banking enterprise under any of the following
circumstances:
1.The declarant has unintentionally submitted untruthful information, has
provided evidence to which, and has submitted an opinion letter issued by a
lawyer, a certified public accountant, or a banking enterprise indicating the
same.
2.The declarant has already been penalized pursuant to Paragraph 1, Article 20
of the Act for intentionally making an untruthful declaration.
If a certificate of foreign exchange settlement against the New Taiwan dollar
prepared pursuant to Paragraph 2, Article 4 is found to be inconsistent with
the original evidencing document, the provisions of Paragraph 2, Article 13
shall apply mutatis mutandis to the correction of the certificate.
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(Declaration of unsettled foreign exchange receipts and disbursements or
transaction and correction thereto)
13. Where a declarant has not made foreign exchange settlement against the New
Taiwan dollar for relevant foreign exchange receipts and disbursements or
transactions, the certificate of transaction prepared by a banking enterprise
shall serve as the Declaration Statement.
The declarant shall verify the accuracy of the contents of the certificate of
transaction prepared by the banking enterprise. In the event that inconsistency
has been identified, the declarant shall submit the relevant evidencing
documents to apply for correction with the Bank through the banking enterprise
within 7 business days after the preparation of the certificate of transaction.
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(Obligation to provide explanation)
14. In the event that there is a reason to believe the items declared might be
untruthful, the Bank may make inquires and the declarant concerned and any
related person shall be obliged to give explanations honestly.
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(Penalties)
15. A declarant that fails to make a declaration on purpose or makes an untruthful
declaration on purpose, or gives no explanation in reply to the inquiry before
a deadline or gives fraudulent explanations, shall be subject to penalty
pursuant to the provision of Paragraph 1, Article 20 of the Act.
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(Declaration of remittance to Mainland Area)
16. The provisions of these Regulations shall apply mutatis mutandis to
declarations of outward and inward remittances to and from Mainland Area; other
matters to be complied with shall be governed by the Act Governing Relations
Between The People Of The Taiwan Area And The Mainland Area and its relevant
regulations.
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(Date of implementation)
17. These Regulations shall become effective on the date of promulgation.
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