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〈Basis of Establishment〉
Article 1
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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〉
Article 2
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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.
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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 9 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 10
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 10 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.
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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
Republic of China (Taiwan) (hereinafter referred to as the Bank) through a banking
enterprise.
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The scope of declaration of settlement involving foreign exchange receipts and
disbursements or transactions that must be counted or needs not be counted
toward aggregate settlement amount of the current year of the declarant or the
trustee shall comply with these Regulations, Directions for Banking Enterprises
while Assisting Customers to Declare Foreign Exchange Receipts and Disbursements
or Transactions, Directions for Domestic Securities Firms Approved to Conduct
Foreign Exchange Business while Assisting Customers to Declare Foreign Exchange
Receipts and Disbursements or Transactions, items consented by or stated in the
approval letter of the Bank or other competent authorities, and other regulations
stipulated by the Bank.
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〈Definitions〉
Article 3
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The terms as used in these Regulations are defined as follows:
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1. The term "banking enterprise" shall mean banks, Agricultural Bank of Taiwan,
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.
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2. The term "domestic securities firm approved to conduct foreign exchange
business" (DSF) shall mean a DSF mentioned in the Regulations Governing
Foreign Exchange Business of Securities Enterprises.
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3. The term "electronic payment institution" shall mean an electronic payment
institution approved by the Financial Supervisory Commission to operate
businesses specified in Paragraph 1, Article 4 of the Act Governing
Electronic Payment Institutions that involve foreign exchange business.
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4. The term "company" shall mean a company organized and registered in the
Republic of China pursuant to the laws of the Republic of China or a branch
office of a foreign company duly established and registered within the
territory of the Republic of China. However all branch offices of a foreign
company shall be treated as one declarant and shall make declarations in the
name of the first established branch office assigned with a Uniform Business
Number.
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5. The term "limited partnership" shall mean a limited partnership organized
and registered in the Republic of China pursuant to the laws of the Republic
of China or a branch unit of a foreign limited partnership duly established
and registered within the territory of the Republic of China. However all
branch units of a foreign limited partnership shall be treated as one
declarant and shall make declarations in the name of the first established
branch unit assigned with a Uniform Business Number.
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6. The term "firm" shall mean a profit-seeking business operated and
registered as a sole proprietorship or partnership in accordance with the
Business Registration Act of the Republic of China.
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7. The term "association" shall mean an association established pursuant to
the laws of the Republic of China with approval from the competent
authorities.
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8. The term "representative office" shall mean a representative office of a
foreign company duly established within the territory of the Republic of
China.
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9. The term "business office" shall mean a business office of a foreign
foundation recognized by the government of the Republic of China and duly
established and registered within the territory of the Republic of China.
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10. The term "individual" shall mean a natural person who is 20 years of age or
older residing in the territory of the Republic of China and bearing a
Citizen's ID Card, or a relevant Taiwan Area Resident Certificate or an
Alien Resident Certificate with a validity of not less than one year from
the date of issue.
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11. Non-resident:
(1) The term "non-resident individual" shall mean a foreign national who does
not have a relevant Taiwan Area Resident Certificate or an Alien Resident
Certificate, or who has a relevant residence certificate with a validity
of less than one year, or a person without domestic household registration
who holds a passport of the Republic of China but does not bear a Citizen's
ID Card.
(2) The term "non-resident legal entity" shall mean an offshore non-ROC legal
entity.
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〈Direct declaration of foreign exchange settlement〉
Article 4
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Except of those foreign exchange transactions specified in Article 5, in which
the banking enterprises shall verify the relevant contracts, letters of approval
or other documents that evidence the Declaration Statement of foreign exchange
receipts and disbursements or transactions before processing the declaration of
foreign exchange settlements, a declarant, after filling out a Declaration
Statement, may declare foreign exchange settlements against the New Taiwan dollar
in the following foreign exchange receipts and disbursements or transactions:
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1. Foreign exchange receipts from export of goods or provision of services to
non-residents by a company, a firm, an association, or an individual;
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2. Foreign exchange disbursements for import of goods by a company, a firm, an
association, or an individual, or for services provided by non-residents;
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3. Foreign exchange purchased or sold by a company or a firm within the annual
aggregate settlement amount not exceeding the equivalent of USD 50 million or
foreign exchange purchased or sold by an association or an individual within
the annual aggregate settlement amount not exceeding the equivalent of USD 5
million; however the Bank may, in view of economic or financial conditions,
or the needs for maintaining the order of foreign exchange market, designate
foreign exchange receipts and disbursements or transactions of specific
nature with annual aggregate foreign exchange purchased or sold exceeding a
certain amount be handled in accordance with Paragraph 1 of Article 6 herein.
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4. Foreign exchange sold by a representative or business office that does not
have operating income in Taiwan to cover its office expenses; and
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5. A single remittance by a non-resident not exceeding the equivalent of USD
100,000. However, a foreign financial institution outside the territory of
the Republic of China may not sell foreign exchange through inward remittance.
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The amount of foreign exchange purchased or sold as referred to Subparagraphs 1
and 2 of the preceding paragraph and Subparagraph 4 of Article 5 herein will not
be counted toward the declarant’s aggregate settlement amount of the current
year.
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Where a declarant has made foreign exchange settlement against the New Taiwan
dollar for the foreign exchange receipts, disbursements, or transactions related
to export or import of goods as specified in Subparagraphs 1 and 2 of Paragraph
1 with shipping documents, a certificate of foreign exchange settlements against
the New Taiwan dollar for exports/imports issued by a banking enterprise may
serve as the Declaration Statement.
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〈Declaration of foreign exchange settlement requiring documentation〉
Article 5
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The declaration of foreign exchange settlement 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, letters of
approval or other documents that evidence the foreign exchange receipts and
disbursements or transactions in question:
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1. A single remittance by a company or a firm exceeding the equivalent of USD 1
million;
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2. A single remittance by an association or an individual exceeding the
equivalent of USD 500,000;
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3. Remittances approved by the competent authorities for direct investment,
portfolio investment or futures trading;
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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;
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5. Outward remittances of proceeds from the sale of shares by an original
foreign shareholder of a primary TWSE (TPEx) listed company within the
territory of the Republic of China or a foreign company registered as an
emerging stock company within the territory of the Republic of China;
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6. Inward remittances of disbursements of fund and outward remittances of
repayments of principal and interest payments by a private enterprise in
connection with its medium or long-term debts; and
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7. 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〉
Article 6
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The declaration of foreign exchange settlement 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:
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1. Essential remittances by a company or a firm whose annual aggregate settlement
amount of foreign exchange purchased or sold has exceeded the equivalent of
USD 50 million; or essential remittances by an association or an individual
whose annual aggregate settlement amount of foreign exchange purchased or sold
has exceeded the equivalent of USD 5 million.
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2. A single remittance exceeding the equivalent of TWD 500,000 by a natural
person under 20 years of age, bearing a Citizen's ID Card, a relevant Taiwan
Area Resident Certificate, or an Alien Resident Certificate with a validity
of more than one year from the date of issuance.
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3. The following remittances where a single remittance by a non-resident exceeds
the equivalent of USD 100,000 in foreign exchange purchased or sold:
(1) Revenue from contract construction within the territory of the Republic of
China;
(2) Deposits of guarantees and arbitration fees for pending legal disputes
within the territory of the Republic of China;
(3) Payment related to legally or approved by the competent authorities
acquiring real estate for self-use within the territory of the Republic of
China;
(4) Inheritance, insurance claims, and pensions legally acquired within the
territory of the Republic of China.
4. Other essential remittances.
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With the exception of married declarants, foreign exchange settlements 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 "Signatures
of declarant and his responsible person" section.
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〈Adjustment of annual aggregate settlement amount〉
Article 7
The Bank may, in view of economic and financial conditions or the needs for
maintaining the order of foreign exchange market, adjust the amounts specified
in the main text of Subparagraph 3, Paragraph 1 of Article 4 herein and
Subparagraph 1, Paragrap 1 of the preceding article.
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〈Acceptance procedure〉
Article 8
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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 or DSF Personnel Advising the Declarant" section.
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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〉
Article 9
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Where a company or an individual trusted by others to conduct and declare
foreign exchange settlement against the New Taiwan dollar in its/his own name,
the trustee mandatory shall make declaration in accordance with the "Directions
for Banking Enterprises while Assisting Customers to Declare Foreign Exchange
Receipts and Disbursements or Transactions", the "Directions for Domestic
Securities Firms Approved to Conduct Foreign Exchange Business while Assisting
Customers to Declare Foreign Exchange Receipts and Disbursements or Transactions",
and other regulations stipulated by of the Bank.
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In addition to afore mentioned situation, a declarant may entrust another
individual 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 trustee shall present a letter of
mandate and identification documents of both the principal and the trustee 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〉
Article 10
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Unless otherwise provided by the Bank, a non-resident individual making a
declaration of foreign exchange settlement against the New Taiwan dollar
specified in Subparagraph 5, Paragraph 1, Article 4, or Subparagraph 3, 5 or 7,
Article 5 shall make the declaration in person with a passport or other
identification documents.
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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 5, Paragraph 1, Article 4 or Subparagraph 3, 5 or 7,
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 of
foreign exchange settlement 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 of foreign exchange
settlement on its behalf in the name of the financial institution.
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A non-resident making a declaration of foreign exchange settlement against
the New Taiwan dollar 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 of foreign exchange settlement on
his/her behalf in the name of the agent.
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〈Internet Declaration (1)〉
Article 11
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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 foreign exchange business through electronic or
communications equipment:
1. A company, a firm or an association; or
2. An individual.
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A declarant using the Internet to make a declaration of foreign exchange
settlement against the New Taiwan dollar shall apply to a banking enterprise and
handle related matters as stipulated.
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A banking enterprise shall abide by the following provisions when processing
declarations via the Internet:
1. It shall provide a sample Declaration Statement with a description of how it
shall be filled out on its website.
2. 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 data on foreign exchange
purchase/sale memo in a format prescribed by the Bank and submit it to the
Bank. Such data shall be treated the same as the declarant making a
declaration to the Bank.
3. 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)〉
Article 12
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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 aggregate foreign exchange settlement amount may not
exceed the approved amount.
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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〉
Article 13
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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.
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If a certificate of foreign exchange settlement against the New Taiwan dollar
prepared pursuant to Paragraph 3, Article 4 is found to be inconsistent with
the original evidencing document, the provisions of Paragraph 2, Article 14
shall apply mutatis mutandis to the correction of the certificate.
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〈Declaration of unsettled foreign exchange receipts and disbursements or trasactions and correction thereto〉
Article 14
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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.
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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.
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〈Obligation to provide explanation〉
Article 15
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〉
Article 16
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〉
Article 17
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The provisions of these Regulations shall apply mutatis mutandis to declarations
of outward and inward remittances to and from the Mainland Area. Other than
declaration, these remittances shall be complied with the Act Governing
Relations Between The People of the Taiwan Area and the Mainland Area and its
relevant regulations.
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Unless it is otherwise stipulated by the Bank, the provisions of these
Regulations shall apply mutatis mutandis to declarations of renminbi receipts
and disbursements or transactions in Taiwan Area.
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〈Declaration processed by DSFs, electronic payment institutions and declaration by limited partnerships〉
Article18
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Unless it is otherwise provided by the Bank, the provisions of these Regulations
governing banking enterprises shall apply mutatis mutandis to the declaration of
foreign exchange receipts and disbursement or transactions processed by DSFs and
electronic payment institutions.
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The provisions of these Regulations and other provisions regarding declarations
made by companies shall apply mutatis mutandis to declarations made by limited
partnerships.
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〈Date of implementation〉
Article 19
These Regulations shall become effective on the date of promulgation.
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