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(Compliance with Regulations for Declaration)
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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( Enquiry about accumulated settlement amount of the current year)
2. Banking enterprises that engage in foreign exchange settlement against the New
Taiwan dollar business in accordance with Subparagraph 3, Paragraph 1, Article 4
of the Regulations for Declaration shall enquire online about accumulated
settlement amount of the current year, and:
(1) Banking enterprises shall prevent the declarant from using third party names
to make declaration.
(2) The settlement amount limit of a person who holds an Alien Resident
Certificate with less than one year validity 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) An individual who holds a certificate of Overseas Chinese （issued by the
Overseas Chinese Affairs Commission） and a document certifying the purchase
of real estate in the territory of the R.O.C. shall be entitled to the annual
aggregate settlement amount of a resident (hereinafter referred to as
“Annual Aggregate Settlement Amount”) as provided in Subparagraph3, Paragraph
1, Article 4 of the Regulations for Declaration. But the nature of the foreign
exchange settlement shall be related to the purchase of real estate.
(4) A declarant may settle the inward remittance which has originally been
remitted out of the R.O.C. and counted toward the declarant's Annual
Aggregate Settlement Amount ; then the aggregate settlement amount
restrictions stipulated by Subparagraph 3, Paragraph 1, Article 4 of the
Regulations for Declaration are not applicable, and it is not required to
enquire the accumulated settlement amount of the current year. In addition,
the banking enterprise shall write down 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.
(5) The enquired accumulated settlement amount of the current year 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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(Observance of aggregate settlement amount)
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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(Settlements related to declaration of medium- and long-term external debts by
private enterprises)
4. As for a private enterprise with prior approval from the Department of Foreign
Exchange of the Bank (hereinafter referred as “the Department”) to convert the
funds borrowed from foreign financial institutions into New Taiwan dollars for
medium- and long-term investments in Taiwan, the banking enterprise may process
the exchange settlements for principal and repayments of principal and interest
of the loan for the said enterprise using “the Schedule of Withdrawal and
Repayment of Medium- and Long-Term Loans from Overseas Financial Institutions by
Private Enterprises” that bears the seal of the Department. The amount of
foreign exchange thus settled will not be counted toward the accumulated
settlement amount of the current year for the said enterprise.
Except for the approved cases described in the preceding paragraph, 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”, and subsequent
repayments of principal and interest shall be counted toward the accumulated
settlement amount of the current year of the said enterprise. In addition, for
exchange settlements relating to repayments of principal and interest, the
banking enterprise may still process the settlements without requiring the
enterprise to obtain the approval from the Department even if the said
enterprise has used up its Annual Aggregate Settlement Amount.
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(Other settlement cases related to aggregate amounts)
5. For citizens of the Mainland China who hold Taiwan Entry and Exit Permits or
Taiwan Resident Certificates and intend to sell foreign exchange against the New
Taiwan dollar, the banking enterprise may handle the transaction provided that
the amount of the settlement is not more than US$100,000 or equivalent. When the
origin of remittance or the destination of remittance is the Mainland China, the
banking enterprise shall observe the Regulations Governing Approval of Financial
Business Between the Taiwan Area and the Mainland China Area. When handling such
cases, the banking enterprise shall record the Identification Card number of 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 Identification Cards issued by the
Ministry of Foreign Affairs, overseas Chinese holding ROC passports issued by
the Ministry of Foreign Affairs, the R.O.C. or residents of Hong Kong or Macao
holding Taiwan Entry and Exit Permits, the settlement limit shall be the same as
that for non-residents.
For banking enterprises processing foreign exchange settlements against New
Taiwan dollar made by foreign diplomatic institutes in the R.O.C., there is no
limitation on the aggregate settlement amount, regardless the nature of the
settlement.
The settlement amount for accounting firms, law firms, or medical clinics shall
be the same as the amount allowed for associations.
For the settlements of inward (or outward) remittances made by a listed company
on behalf of foreign employees to be used for the purchase (or sale) of shares
of the said company, if each settlement amount made by each foreign employee
does not exceed US$100,000, banking enterprises may process the settlements
after verifying the application form and detailed list 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 thereof) and filed by the listed company. 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 a
banking enterprise can process the application.
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 application form and the detailed list of settlements (contents
thereof shall include the name, Idenification 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 annual
aggregate settlement amount 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 annual aggregate
settlement amount of the said employee.
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(Foreign exchange settlement of less than NT$500,000)
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
transactor does not have 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 the transactor from breaking up a large settlement into smaller ones to
evade enquiries about the accumulated settlement amount of the current year.
When a natural person less than 20 years of age residing in the territory of the
R.O.C. engages in a single foreign exchange transaction against the New Taiwan
dollar for an amount less than NT$500,000 or the equivalent thereof, the banking
enterprise may process the settlement after verifying the person's
identification document.
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(Settlements of loans from and repayments to overseas subsidiaries)
7. When processing the settlements of remittances related to loans and subsequent
repayments of principal and interest by a firm that borrows from its overseas
(including Third Area and Mainland China) subsidiary in which the foreign
investment of the firm has been approved by (or reported to) the Investment
Commission of the Ministry of Economic Affairs , banking enterprises shall,
depending upon the circumstances, beware of the following matters:
(1) For the settlements of funds borrowed abroad and remitted into Taiwan: 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 documents evidencing the loan from its overseas subsidiary.
Banking enterprises may process the settlement after verifying that 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 triplicate, see Attachments 1, 2) are
correct. The 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 Third Area or Mainland China: A firm may present the third 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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(Settlements related to the inward remittances of dividends and profits from
overseas subsidiaries and subsequent outward remittances)
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 overseas:
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 Overseas Subsidiaries" or the "Declaration
Statement for Inward Remittance of Dividends and Profits from Mainland China
Subsidiaries" (in triplicate, see Attachments 3,4) is correct. Such
settlement amount for dividends and profits from oversea subsidiaries 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
for direct investment, the firm shall provide a letter of approval or the
certificate for investment in Mainland China issued by the Investment
Commission of the Ministry of Economic Affairs. 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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(Reporting of the ID number)
9. Banking enterprises shall assist the 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: Write down Uniform No. provided by the competent
authorities.
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
tamplitation of settlement statistics, the association shall also indicate
the withholding tax uniform 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 validity of at
least one year:
A、 An individual with a citizen's ID Card: Write down the citizen's ID No.
B、 Holders of Taiwan Resident Certificates issued by the Entry and Exit Service
Bureau of the National Police Administration of the Ministry of the Interior
(excluding people of the 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 issued by city/county police bureau:
Indicate the uniform identification number, the date of issuance, date of
expiry, and date of birth as specified on the Alien Resident Certificate 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.
D、 Holders of Certificates of Overseas Chinese and documents certifying the
purchase of real estate in the territory of the R.O.C. issued by the Overseas
Chinese Affairs Commission: Indicate the Certificate of Overseas Chinese
number in the column of ROC citizen on the Declaration Statement and affix
the certificate number in the document certifying the purchase of real estate
for the verification of future foreign exchange settlements. Indicate the
document number, for example, (91) Tai-Chiao-Cheng-Tzu No. 0911234567, then
the number (10 digits) shall be input into the computer.
(3) For People of the 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 people of the Mainland China holding a Taiwan Entry and Exit Permits or
Taiwan Resident Certificates, and residents of Hong Kong or Macao holding
Taiwan Entry and Exit Permits: 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 idenfication 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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(Completion of the Declaration Statement by banking enterprises)
10. Since the information put down in a Declaration Statement concerns the rights
and interests 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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(Assistance with obvious errors on the Declaration Statement)
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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(Declarant's seal)
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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(Correction of the completed Declaration Statement)
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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(Verifying the completeness of the Declaration Statement)
14. Banking enterprises shall check whether a Declaration Statement is filled out
completely. Sections such as the nature of settlement, the origin (destination)
of the remittance, the Resident Certificate No. or Identification number,
address, and telephone number, etc., shall be filled out. The nature of
settlement shall be provided accurately, and it may not be replaced by a code.
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(Declaration of foreign exchange sale via domestic/overseas remittances)
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 the aforesaid
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 foreign exchange receipts or transactions shall be the same as
that of inward remittances from abroad or through the OBU of a domestic bank.
(2) As for the “origin of remittances”, 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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(Declaration of foreign exchange purchased and subsequently remitted domestically
or abroad)
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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(Terms and Conditions for declarations made through Internet)
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, the related terms and conditions between the banking enterprise
and the declarant shall include matters prescribed in Articles 10 and 11 of the
Regulations for Declaration.
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(Design of online control programs)
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 on the
website, and assist declarants in making declarations through the Internet.
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(Enquiry about accumulated settlement amount of the current year through Internet)
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 of accumulated settlement amount of the current year to
check the declarant's aggregate settlement amount for that current year. The
banking enterprise, before processing the declaration, shall verify that the
above amount does not exceed Annual Aggregate Settlement Amount, and maintain
the enquiry records on the declaration medium retained by the banking
enterprise.
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(Verification of facsimile documents provided by Internet declarants)
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 verify the foreign exchange settlement documents faxed
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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(Prohibition of alteration of online declaration information)
21. Banking enterprises may not alterfy any of the declarant's declaration data it
preserves in electronic format.
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(Verification of identification documents and settlement details)
22. A banking enterprise shall first verify that a declarant's registration
certificate number indicated by a declarant according to the provisions of
Direction 8 of these Directions 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 verify a photocopy of the company's incorporation registration
list or of the latest registration list of the company, and shall enquire the
company's primary registration data through the Internet.
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(Verification of evidencing documents and prevention of breaking up large
settlements into smaller ones)
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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(Verification settlements related to direct investments and portfolio investments)
24. Banking enterprises that engage in foreign exchange settlements needed for
direct investments and portfolio investments approved by the competent
authorities, shall comply with the provisions of attached Tables 1 through 8
concerning documents to be verified, and shall 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:
A. Making use of Annual Aggregate Settlement Amount: If the amount of any single
foreign exchange settlement exceeds the amounts specified in Subparagraphs 1
and 2, Article 5 of the Regulations for Declaration, the banking enterprise
shall verify the concrete foreign investment plan or relevant evidencing
documents.
B. Not counted toward the accumulated settlement amount of the current year:
(A) Outward remittances for investments: Verify approval documents of foreign
investments issued by the competent authorities.
(B) Inward remittances of foreign exchange from transference, partial or complete
withdrawal of foreign investments: Verify the approval documents of
transference, partial or complete withdrawal of foreign investments issued by
the competent authorities, or original Foreign Exchange Sale Memo.
(3) Investments in Mainland China Area:
A. Outward remittances for investments: Verify approval documents or Certificate
of Reporting Investment in Mainland China Area issued by the Ministry of
Economic Affairs regardless of the amount of remittance; carefully inspect the
relevant documents attached as stated in the approval document.
B. Inward remittances of foreign exchange from transference, partial or complete
withdrawal of investments:
(A) Making use of Annual Aggregate Settlement Amount: If the amount of any single
foreign exchange settlement exceeds the amounts specified in Subparagraphs 1
and 2, Article 5 of the Regulations for Declaration, the banking enterprise
shall verify the relevant evidencing documents.
(B) Not counted toward the accumulated settlement amount of the current year:
Verify approval documents issued by the Ministry of Economic Affairs or
original Foreign Exchange Sale Memo.
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(Verification of foreign exchange settlements related to medium- and long-term
external debts of private enterprises)
25. Banking enterprises that engage in foreign exchange settlements against the New
Taiwan dollar related to medium- and long-term external debts of private
enterprises, shall comply with the provisions of attached Table 9 concerning
documents to be verified.
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(Verification of outward remittances to Mainland China Area)
26. Banking enterprises engaging in outward remittances to Mainland China Area
shall comply with the provisions of attached Table 10 concerning documents to
be verified.
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(Verification of mandated settlements)
27. Banking enterprises shall, based on different types of mandated settlements,
verify that the following documents are correct before a company or a firm with
the prior approval of the Bank processes the foreign exchange settlement
declarations in its own name on behalf of another party:
(1) For foreign exchange settlements related to salaries made by employment
service enterprises on behalf of foreign workers:
A. The Declaration Statement completed by an employment service enterprise;
original copy of the document issued by the Bank approving an employment
service enterprise to make foreign exchange settlement declarations on behalf
of foreign workers; the private employment service enterprise permit issued by
the Council of Labor Affairs of the Executive Yuan (waived if the letter of
approval contains the due date for a mandated settlement) and a detailed list
of mandated settlements of outward remittances of salaries on behalf of
foreign workers in Taiwan or a detailed list of settlements of outward
remittances of foreign workers' salaries in Taiwan on behalf of domestic
employers(as Attachment 5).
B. The settlement amount on the detailed list of settlements and the actual
settlement amount shall be the same. Banking enterprises shall also verify
whether the settlement amount mandated by the mandator on the detailed list of
settlements is reasonable. If any abnormality is found, 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 foreign exchange settlements made by an enterprise engaging in the
business of discretionary investment in foreign securities (including
securities investment consulting enterprises ("SICEs"), securities investment
trust enterprises ("SITEs") 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 include the settlement amount of each principals (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 statements 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 settlement may be exempted from the annual
settlement amount of the principals if it is the repatriation of a previous
outward remittance. However, a declaration statement issued by the above-
mentioned enterprise is required.
(3) For foreign exchange settlements made by a life insurance company on
behalf of a policy-holder to invest in foreign securities:
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 settlements amount of each policy-holder
(the contents of which shall include the name, identification number, date
of birth of the policy-holder and settlement amounts, 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 exempted from the annual
settlement amount of the policy holders if it is the repatriation of a
previous outward remittance. However, a declaration statement issued by the
above-mentioned company is required.
(4) For foreign exchange settlements made by a credit card company or card-
issuing banks on behalf of cardholders for cash advances and expenditures
incurred abroad using credit cards, debit cards, or ATM cards: the Declaration
Statement filled out by the credit card company or card-issuing bank, and
documents issued by the Bank approving such company or banks to make foreign
exchange settlement declarations on behalf of cardholders.
(5) For 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
include the settlement amount of each member (the contents of which shall
include the name, uniform number of the members and settlement amounts,
and can bewaived 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.
(6) For foreign exchange settlements made by a managed futures enterprise on
behalf of principals for required margins for futures trading:
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
principals, and settlement amounts, and can bewaived 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 settlement may be exempted from the annual
settlement amount of the principals 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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(Verification of settlements made by enterprises engaging in foreign exchange related business)
28. Banking enterprises shall, based on different types of mandated settlements,
verify the following documents are correct before processing foreign exchange
settlements involving the conversion of New Taiwan dollar made by enterprises
engaging in foreign exchange related business approved by the Bank：
(1) For foreign exchange settlements made by a securities company engaging in
consigned trading of foreign securities:
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 foreign exchange settlements made by a futures commission on behalf of a
principal to conduct 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 the 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 foreign exchange settlements made by a futures commission merchant on
behalf of overseas Chinese or foreign nationals 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 overseas Chinese or foreign national (the
contents of which shall include identification numbers of the overseas Chinese
or foreign nationals and the settlement amounts).
B. These settlements are limited to the following two types:
i. Foreign exchange settlements for losses or profits incurred by overseas
Chinese and foreign nationals conducting domestic futures transactions.
ii. Overseas Chinese and foreign nationals previously engaged in domestic
hedging futures trading may settle the conversion of margin in NT dollar into
the margin of futures trading denominated in a foreign currency.
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 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 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 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 foreign exchange settlements made by a general agent of offshore fund
institutions or Taiwan Depository & Clearing Corporation relating to
payments for offshore funds:
A. The Declaration Statement completed by a 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.
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(Correction of contents of the Declaration Statement)
29. 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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(Delivery of documents for declaration made in person at banking enterprises)
30. When accepting a declarant's declaration of foreign exchange settlement in
person at the banking enterprise, the banking enterprise shall verify the
relevant documents in accordance with the attached tables of the Directions or
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, and affix the banking enterprise's
signature/seal before making duplicate photocopies. One set of the photocopies
shall be kept by the banking enterprise for future reference; the other shall
be sent to the Department accompanied with the Declaration Statement, the
Foreign Exchange Purchase (Sale) Memo (or data via media transmission) and the
daily transaction report. The relevant documents do not need to be sent to the
Department if the foreign exchange settlement declaration has been made in
accordance with the provisions of Paragraphs 1 and 2, Article 5 of the
Regulations for Declaration.
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(Delivery of documents for declaration via Internet)
31. When accepting a declarant’s declaration of foreign exchange settlement via
Internet in which the relevant documents shall be verified according to the
attached tables of these Directions or the related regulations stipulated by
the Bank, the banking enterprise shall not only request the declarant to fax
the relevant documents for verification, but also indicate the date and amount
of the settlement and Foreign Exchange Memo number on the facsimile documents,
and affix the banking enterprise’s signature/seal and keep the facsimile
documents, together with settlement declaration records, for future reference.
Besides, the banking enterprise shall make a copy of the facsimile documents,
and send the copy to the Department together with the data in the form of the
[electronic] medium and the daily transaction report. Relevant documents do not
need to be sent to the Department if the foreign exchange settlement
declaration has been made in accordance with the provisions of Paragraphs 1 and
2, Article 5 of the Regulations for Declaration.
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