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1. Banking enterprises shall assist customers to make truthful declarations
pursuant to the Regulations Governing the Declaration of Foreign Exchange
Receipts and Disbursements or Transactions (hereinafter referred to as "the
Regulations for Declaration") when customers settle foreign exchange against
the New Taiwan dollar.
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2. Banking enterprises that handle the declaration of foreign exchange settlement
against the New Taiwan dollar in accordance with Subparagraph 3, Paragraph 1,
Article 4 of the Regulations for Declaration shall enquire online and count the
amount in the declarant's aggregate settlement amount of the current year, and shall
notice that:
(1) Banking enterprises shall prevent the declarant from using a third party name to make
the declaration.
(2) Banking enterprises are not required to enquire online about the declarant's
aggregate settlement amount of the current year for declarations of foreign exchange
settlement by non-residents.
(3) The enquired record of the settlement amount shall be printed out on the banking
enterprise's receipt slip of the Declaration Statement of Foreign Exchange Receipts
and Disbursements or Transactions (hereinafter referred to as "Declaration
Statement") to facilitate on-site examination by the Central Bank of the Republic of
China (Taiwan) (hereinafter referred to as "the Bank") and other financial auditing
authorities.
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3. Banking enterprises that engage in foreign exchange settlements against the
New Taiwan dollar in accordance with Subparagraph 5, 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 aggregate settlement amount of the
current year. 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
aggregate settlement amount of the current year.
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4. For officials of diplomatic missions in the Republic of China and their family
members holding an Identification Card issued by the Ministry of Foreign
Affairs, the amount of foreign exchange settlement against New Taiwan dollars
shall be the same as that for non-residents.
There is no restriction on the amount of foreign exchange settlement against
New Taiwan dollars for diplomatic missions in the R.O.C., regardless of the
nature of the settlement.
The aggregate settlement amount of the current year for medical clinics,
accounting firms, law firms and charitable trusts established with approvals
of the relevant competent authorities that have not carried out business
registration shall be the same as that for associations.
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5. Banking enterprises that handle the declaration of settlements of remittances
made by a listed company or an emerging stock company on behalf of its
foreign employees in its own name (excluding Mainland China employees) for
inward remittance to purchase said company's shares or for outward remittance
of proceeds from sale of shares or distributed cash dividends, may process
the declaration after verifying the declaration statement and the detailed
list of settlements filed by the listed company or the emerging stock company
(the contents thereof shall include name of the employee, his nationality,
identification card number, numbers of shares acquired (sold), amount of cash
dividends and the settlement amount). Banking enterprises should also note
that the settlement amount thereof will not be counted toward the listed
company's or emerging stock company's aggregate settlement amount of the
current year.
Banking enterprises that handle the declaration of settlement of remittances
made by a Taiwan branch (or subsidiary) of a foreign company on behalf of
domestic employees in its own name for outward remittance to purchase said
foreign parent company's shares or for inward remittance of proceeds from
sale of shares or distributed cash dividends received from the foreign parent
company, may process the declaration after verifying the declaration
statement and the detailed list of settlements filed by the Taiwan branch (or
subsidiary) of the foreign company (contents thereof shall include the name,
identification card (certificate) number and settlement amount of each
employee), provided each settlement amount made by the domestic employee is
less than NT$500,000 or the equivalent thereof. Such domestic employees need
not fill out a Declaration Statement, and the above-mentioned settlement
amount will not be counted toward the employee’s aggregated settlement amount
of the current year. 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 said employee’s aggregate settlement amount of the
current year.
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5-1 Banking enterprises that handle the declaration of settlement of outward
remittance of proceeds from the sale of shares by an original foreign
shareholder of a primary TWSE (TPEx) listed company in Taiwan or a foreign
company registered as an emerging stock company in Taiwan, may process the
declaration of settlement after verifying the following documents, provided
the original foreign shareholder has opened only a brokerage sale account
with the securities firm:
(1) Original share certificate: Documents evidencing shares of the foreign
company obtained by the foreign shareholder, or shares as an employee in
accordance with the regulations of the foreign company's country of
registration before the foreign company becomes primary TWSE (TPEx) listed
in Taiwan or registers as an emerging stock company in Taiwan;
(2) Proof of sale of shares;
(3) Other relevant documents (e.g. interest and discount); and
(4) Non-resident legal entities and non-resident individuals shall submit a
letter of authorization authorizing their representative or agent within
the territory of the Republic of China to make a declaration of foreign
exchange settlement on their behalf in the name of the representative or
agent.
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6. When engaging in a single foreign exchange transaction against the New Taiwan dollar for an
amount less than NT$500,000 or the equivalent thereof, the customer is not required to
complete a Declaration Statement and the settlement amount will not be counted toward the
aggregate settlement amount of the current year.
Banking enterprises shall, however, be aware of and strive to prevent customers from
breaking up a large settlement into smaller ones to evade the required declaration
and enquiries about the aggregate settlement amount of the current year.
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7. When processing a declaration of remittance settlement relating to loans borrowed by a firm
from its subsidiary in a third area or Mainland China and subsequent repayments of principal
and interest paid by the firm for investment in a third area or Mainland China that has been
approved by (or reported to) the Investment Commission of the Ministry of Economic Affairs (
hereinafter referred to as the “Investment Commission”), banking enterprises shall,
depending upon the circumstances, take note of the following situations:
(1) For the settlements of funds borrowed from a third area or Mainland China and remitted into
Taiwan: Banking enterprises shall verify the letter from the Investment Commission
approving the firm to invest in a third area or Mainland China, documents evidencing the
loan from its subsidiary and the accuracy of the "Declaration Statement for Loans Received
by Taiwan Firms from Third Area Subsidiaries" or the "Declaration Statement for Loans
Received by Taiwan Firms from Mainland China subsidiaries" (in duplicate, see Attachments
1, 2) before processing the settlemant. The settlement amount of inward remittances of
principal of loans shall not be counted toward the firm's aggregate settlement amount of
the current year.
(2) For the settlement of the repayment of principal and interest to be remitted to a third
area or Mainland China: A firm may present the second slip of the aforementioned original
"Declaration Statement for Loans" issued by a banking enterprise when purchasing foreign
exchange for the repayment of principal and interest. Foreign exchange purchased for the
repayment of principal and interest shall not be counted toward the firm's aggregate
settlement amount of the current year.
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8. When processing the settlements of inward remittances of dividends and profits
and subsequent outward remittances made by firms described in Article 7,
banking enterprises shall, depending upon the circumstances, beware of the
following matters:
(1) Settlements of inward remittances of dividends and profits from a third area or
Mainland China:
Banking enterprises shall verify the letter from the Investment Commission of
the Ministry of Economic Affairs approving the firm to invest in Third Area or
Mainland China and all relevant documents regarding dividend distribution and
the profits of such subsidiaries located in Third Area or Mainland China
provided by such firms. Banking enterprises may process the settlements
after verifying that the “Declaration Statement for Inward Remittance of
Dividends and the Profits from its Subsidiaries in a third area" or the
"Declaration Statement for Inward Remittance of Dividends and Profits from Mainland
China Subsidiaries" (in duplicate, see Attachments 3,4) is correct. Such
settlement amount for dividends and profits from its subsidiaries in a third area or
Mainland China will not be counted toward the firm’s aggregate settlement amount of
the current year.
(2) Subsequent settlement of outward remittances from Taiwan:
A firm may apply to engage in such outward remittance based on the above-mentioned
"Declaration Statement for Inward Remittance of Dividends and Profits" issued by
banking enterprises. There is no restriction on the nature and designated area of
such remittance; however, for outward remittances to the Mainland China area, the firm
shall follow Article 26. If the firm possesses the dividends and profits remitted inward
in a foreign currency, the subsequent outward remittances shall be made in the foreign
currency. If the inward remittances of dividends and profits were settled in New Taiwan
dollars, then the firm may make outward remittances either by using its own foreign
exchange deposit or purchasing foreign exchange. Such settlement of outward remittances
will not be counted toward the firm’s aggregate settlement amount of the current year.
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9. Banking enterprises shall assist a declarant to truthfully fill out the "declarant's
ID number" on the Declaration Statement in accordance with the following provisions:
(1) Companies and firms: Indicate the Uniform Business No. provided by the competent
authorities for its establishment and registration.
(2) Associations, representative offices and business offices: Indicate the uniform
tax withholding number assigned by the tax authorities. For an association
without a uniform number, indicate the name of the competent authorities
approving its registration and its registration certificate number.
(3) Individuals:
A. An individual with a Citizen's ID Card: Write down the Citizen’s ID No. and date
of birth.
B. Holder of a relevant Taiwan Area Resident Certificate or Alien Resident
Certificate with a validity of more than one year : Indicate the uniform
identification number, the date of issuance, date of expiry (enter 999/12/31 for
the date of expiry for Alien Permanent Resident Certificate), and date of birth as
specified on the certificate.
C. Minors: For natural persons under 18 years of age bear a Citizen’s ID Card or a
relevant Taiwan Area Resident Certificate or Alien Resident Certificate with a
validity of more than one year, the “declarant's ID number” on the Declaration
Statement shall be provided in the item of “Individual” in accordance with the
provisions in the preceding two items, and the legal representative of the minors
shall also sign on the Declaration Statement at the “Signature of the Declarant
and its responsible person” section.
(4) Non-residents:
A. Natural persons (including minors):
i. Holders of a relevant Taiwan Area Resident Certificate or Alien Resident
Certificate with a validity of less than one year, and for citizens of Mainland
China and residents of Hong Kong or Macao holding a Taiwan Entry and Exit Permit
or a relevant entry document but not having resident status: Indicate the
nationality as shown on the certificate or permit, the uniform identification
number (or the permit number if there is no uniform identification number), and
date of birth.
ii. Foreign passport holders, staffs of diplomatic missions in the Republic of China
and their family members holding an identification card issued by the Ministry
of Foreign Affairs, and persons holding a ROC passport but not having a
Citizen’s ID Card: Indicate nationality, passport (certificate) number and date
of birth.
B. Legal entities:
i. 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 specify the representation/ agency relationship.
ii. Foreign financial institutions: Shall authorize a local financial institution to
act as the declarant. In its Declaration Statement, the said local financial
institution shall write down the identification number on the establishment
permit issued by the competent authorities and clearly specify the
representation/agency relationship. However, a foreign institution outside the
territory of the R.O.C. may not sell foreign exchange through inward remittances.
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10. Information written down in a Declaration Statement concerns the rights and
obligations of a declarant. In case a Declaration Statement is filled out for a
declarant by a third person, the declarant shall affix her/his seal or signature on
the Declaration Statement after verifying the accuracy of all the declared items to
specify explicitly his/her responsibility.
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11. Banking enterprises shall assist declarants to fill out the Declaration
Statement carefully and truthfully. In the event that the nature of the
settlement and the amount to be settled are inconsistent with the status or
occupation of the declarant or contrary to the judgment of common sense, the
banking enterprise shall assist the declarant to declare truthfully before
processing the settlement.
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12. In case a declarant uses a seal for a specific purpose on his Declaration
Statement, the purpose of the seal shall be one for making settlements or
relevant to the settlements.
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13. The amount stated in a Declaration Statement may not be corrected. If any other
fact stated in the Declaration Statement is corrected, the declarant shall
affix his/her seal or signature next to the correction.
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14. Banking enterprises shall check whether all items on a Declaration Statement are
properly filled out. The nature of settlement shall be documented accurately in lieu
of a remittance classification code. When there is more than one nature or currency
of settlement, such natures, currencies and settlement amounts shall be seperatly
indicated. The nature of settlement shall be declared according to the following
provisions:
(1) The nature of foreign exchange receipt or transaction: Companies, firms,
associations and individuals shall indicate the sources of their foreign exchange
revenue; non-residents shall indicate the use of New Taiwan dollar proceeds from
sale of foreign exchange.
(2) The nature of foreign exchange disbursement or transaction: Companies, firms,
associations and individuals shall indicate the use of their foreign exchange
proceeds; non-residents shall indicate the sources of New Taiwan dollar revenue for
purchasing foreign exchange.
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15. For foreign exchange settlements where a customer first deposits inward remittances from
abroad or the OBU of a domestic bank into his/her foreign currency deposit account and then
withdraws the money, or remits money in through another domestic bank or through the OBU of
a domestic bank, the banking enterprise shall take note of the following when assisting the
customer in filing the declaration:
(1) The nature of settlement shall be the same as that of inward remittances from abroad or
through the OBU of a domestic bank.
(2) For the “origin of remittance”, put down“domestic” in the case of withdrawal from
foreign exchange deposit accounts or inward remittances from another domestic bank; put
down “OBU of domestic bank” in the case of selling foreign exchange from inward
remittances through the OBU of a domestic bank.
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16. If a customer buys foreign exchange and deposits it into his foreign currency
deposit account or remits it to another domestic bank, and then remits the
money again abroad or to the OBU of a domestic bank, or the customer buys
foreign exchange and remits it to the OBU of a domestic bank directly, the
banking enterprise shall take note of the following when assisting the customer
in filing the declaration:
(1) The nature of the foreign exchange disbursement or transaction shall be the
same as that of the outward remittance abroad or to the OBU of a domestic bank.
(2) As for the “ destination of remittances”, put down “domestic” in the case
of money deposited in a foreign currency deposit account temporarily or
remitted to another domestic bank; put down “OBU of domestic bank” in the
case of money remitted to the OBU of a domestic bank.
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17. When a banking enterprise accepts a declarant's application for making a
declaration of foreign exchange settlement via the Internet in accordance
with Article 11 of the Regulations for Declaration, the related terms and
conditions of the agreement between the banking enterprise and the declarant
shall include matters prescribed in Article 12 of the Regulations for
Declaration.
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18. Banking enterprises shall design online control programs according to declaration
procedures which are applicable for making declarations in person at the banking
enterprise, provide online declaration instructions, the Regulations for Declaration and
relevant provisions on the website, and assist declarants in making declarations through
the Internet.
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19. When a declarant makes a declaration of foreign exchange settlement against
the New Taiwan dollar via the Internet which is counted toward the
declarant's aggregate settlement amount of the current year as provided in
Subparagraph 3, Paragraph 1, Article 4 of the Regulations for Declaration
(hereinafter referred to as "Annual Aggregate Settlement Amount"), the
banking enterprise shall use an online real-time enquiry system and count the
amount of settlement toward aggregate settlement amount of the current year
to check the declarant's aggregate settlement amount for that year. The
banking enterprise, before processing the declaration, shall verify that the
above amount does not exceed the Annual Aggregate Settlement Amount, and
maintain the enquiry records on the declaration medium retained by the
banking enterprise.
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20.Before processing a declarant’s declaration of foreign exchange settlement via the Internet
prescribed in Article 5 of the Regulations for Declaration, the banking enterprise shall
first verify the veracity of foreign exchange settlement documents provided, faxed, or
scanned by the declarant. To facilitate future examination, the banking enterprise shall
write down the amount and date of foreign exchange settlements, the Foreign Exchange Memo
number and affix its signature or seal on the relevant documents.
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21. Banking enterprises may not alterfy any of the declarant's declaration data it
preserves in electronic format.
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22. Before processing the declaration of foreign exchange settlement, a banking
enterprise shall first verify that a declarant's registration certificate
number indicated by a declarant according to the provisions of Point 9 herein
is the same as the corresponding number on the declarant's identification document
or primary registration information. The banking enterprise shall also verify the
entrustment or delegation document for declaring settlement, 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. A
banking enterprise shall also notice that:
(1) If the declarant is a company, a limited partnership or a firm, the banking
enterprise shall visit the website of Commerce Industrial Services Portal of
the Ministry of Economic Affairs and go to “Enquiry of company registration”
, “Enquiry of limited partnership registration”, or “Enquiry of business
registration” to enquire and verify the registration information of the
company, limited partnership, or firm.
(2) If the declarant is a non-resident under 18 years of age, the banking
enterprise may verify the required documents in accordance with its internal
operation procedure and applicable provisions of the Civil Code on a
case-by-case basis.
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23. A banking enterprise shall verify that information recorded on the Declaration
Statement is consistent with corresponding information on any contracts,
letters of approval, or other evidencing documents related to the foreign
exchange receipts, disbursements, or transactions before processing a
declarant's foreign exchange settlement declaration in accordance with Article
5 of the Regulations for Declaration. Photocopies of the relevant evidencing
documents shall be preserved for future reference. The banking enterprise shall
be attentive and strive to prevent declarants from breaking up large
settlements into smaller ones to evade the regulation in which evidencing
documents shall be submitted to confirm transactions.
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24. Banking enterprises that handle declarations of foreign exchange settlements needed
for direct investments, portfolio investments, or futures transactions approved by
the competent authorities shall comply with the provisions of attached Tables 1
through 8 concerning documents to be verified. For inward and outward remittances
from and to the Mainland Area, banking enterprises shall in addition verify the
documents provided in Point 26 herein and notice the following:
(1) Investments in third areas (including indirect investments in Mainland China Area
through a company registered in third area): Except for cases that make use of
Annual Aggregate Settlement Amount and the amount of any single foreign exchange
settlement exceeds the amounts specified in Subparagraphs 1 and 2, Article 5 of
the Regulations for Declaration, in which the concrete foreign investment plan or
relevant evidencing documents shall be verified, the banking enterprises shall
verify documents specified in the attached Table 1 for other cases. But for
indirect investments in the Mainland Area through a third-area company, the
aggregate amount remitted out for any single investment case shall be limited
to US$1,000,000; for any single investment case that exceeds US$1,000,000, the
banking enterprise shall also verify the letter from the Ministry of Economic
Affairs on indirect investment in Mainland China Area.
(2) Foreign exchange transactions declared in accordance with the provisions of
attached Tables 1 through 8, of which the evidencing documents have been
verified, do not count toward the declarant’s aggregate settlement amount
for the current year as provided in the attached tables. However, for foreign
exchange settlements against the New Taiwan dollar made by individuals for
investment in a third area, the amount of settlement shall count toward the
declarant's aggregate settlement amount for the current year, regardless of
whether such investment has been approved by the competent authorities.
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25. Banking enterprises that handle the declaration of foreign exchange
settlement against the New Taiwan dollar made by a private enterprise in
connection with its medium and long-term external debts shall follow the rules
below:
(1) Where the nature of debt is loan investment made by foreign nationals or
overseas Chinese or issuance of overseas corporate bonds, banking enterprises
shall comply with the provisions of attached Table 1 and Table 5 concerning
related foreign exchange settlement items; where the nature of debt is loan
investment made in Taiwan by Mainland China citizens and enterprises, banking
enterprises shall comply with the provisions of attached Table 10 concerning
related foreign exchange settlement items; the amounts of settlement
mentioned above need not be counted toward the declarant's aggregate
settlement amount of the current year.
(2) For debts of other nature not falling under the preceding subparagraph,
banking enterprises shall comply with the provisions of attached Table 9
concerning documents to be verified when processing the declaration of
settlement of disbursements of fund and repayments of principal and interest
payments, and count the amount of settlement toward the declarant's aggregate
settlement amount of the current year. If the enterprise has used up its
Annual Aggregate Settlement Amount, banking enterprises may still process
the declaration of settlement of foreign exchange purchased in relation to
repayment of principal and interest payment based on the "Statement of
Medium- and Long-Term External Debts by Private Enterprises" for the previous
quarter presented by the declarant that bears the approval stamp of the
Bank's Department of Foreign Exchange (hereinafter referred to as "the
Department"), and the amount of settlement for repayment of principal and
interest payment needs not be counted toward the declarant's aggregate
settlement amount of the current year.
When processing the declaration of foreign exchange settlement against the New
Taiwan dollar in connection with a medium- and long-term externa debt case of a
private enterprise that has been registered with and reported to the Department,
the banking enterprise shall annotate the assigned debt serial number on the
Declaration Statement.
The term "medium- and long-term external debts of private enterprises" hereof
refers to foreign currency debts to foreign creditors with maturity over one
year of private enterprises that are duly established and registered within the
territory of the Republic of China.
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26.Banking enterprises that process outward remittances to and inward remittances from
Mainland China Area shall comply with the provisions of attached Table 10 concerning
documents to be verified and notice note of the following situations:
(1) Banking enterprises may not process inward or outward remittances for the purpose of
direct investments and portfolio investments not approved by the competent
authorities, or for other purposes not approved according to laws and regulations.
(2) Foreign exchange settlement against New Taiwan dollar for direct investment in
Mainland China:
A. Outward remittances of equity investment or working capital: Except for individuals
where the amount of settlement shall be counted in aggregate settlement amount of
the current year, the amount of settlement needs not be counted in the aggregate
settlement amount of the current year; for individuals, the amount of settlement
shall be counted of the current year in case of companies, firms and associations.
B. Inward remittances: In case of companies, firms and associations, the amount of
settlement needs not be counted in the aggregate settlement amount of the current
year; in case of individuals, the amount of settlement shall be counted in the
aggregate settlement amount of the current year. However, if the repatriation of
funds which originally remitted out and counted in the declarant’s Annual
Aggregate Settlement Amount, then the repatriation shall be excluded from the
declarant’s aggregate settlement amount of the current year.
(3) Foreign exchange settlement against New Taiwan dollar for portfolio investment in
Mainland China:
A. Settlements carried out in accordance with the provisions of attached Table 4 or
Table 11, the amount of settlement needs not be counted in the trustee’s or the
principal’s aggregate settlement amount of the current year.
B. Settlements carried out in accordance with the provisions of attached Table 12 or
in relation to an enterprise’s own portfolio investment, the amount of settlement
shall be counted in the trustee’s or the principal’s aggregate settlement amount
of the current year.
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27. Banking enterprises shall verify the following documents before processing
the declaration of foreign exchange settlement against the New Taiwan dollar in
relation to salaries of foreign migrant workers in Taiwan (excluding Renminbi,
unless otherwise stipulated by the Bank) by a private employment services
institution in its own name; banking enterprises need not enquire about the amount
of the settlement, nor count it toward the institution's or the principal's
aggregate settlement amount for the current year:
(1) The Declaration Statement in which the nature of settlement shall be
filled in "remittances of salaries on behalf of foreign migrant workers
in Taiwan" completed by the private employment services institution;
(2) The valid permit of the private employment services institution issued by
the Ministry of Labor;
(3) A power of attorney from foreign migrant workers on foreign exchange
settlement related to salaries (see sample in Attachment 5); and
(4) A detailed list of outward remittances of salaries on behalf of foreign
migrant workers in Taiwan (see Attachment 6).
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28. Banking enterprises shall verify relevant documents provided in attached
Table 11 before processing declarations of foreign exchange settlements
against New Taiwan dollars made by enterprises engaging in businesses listed
in the same table with the consent or approval of the Bank or the Financial
Supervisory Commission ("FSC"); banking enterprises need not enquire the
amount of settlement, nor counting it in the trustee’s or the principal's
aggregate settlement amount of the current year, but shall observe the
following:
(1) Unless it is otherwise regulated by the Bank, banking enterprises shall not
process declarations of foreign exchange settlements involving Renminbi made
by trustees on behalf of principals for buying or selling renminbi-
denominated investment products.
(2) When the destination of outward remittance or the origin of inward remittance
is Mainland Area, banking enterprises shall verify documents specified in
Point 26 herein.
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29. Banking enterprises shall verify relevant documents specified in attached Table
12 before processing the declarations of foreign exchange settlements against New
Taiwan dollars made by enterprises engaging in businesses listed in the same table
approval of the Bank or the FSC; banking enterprises shall key in the amount of
settlement online for enquiring and counting it in the principal’s aggregate
settlement amount of the current year. However if the repatriation of funds which
originally remitted out and counted in the principal’s Annual Aggregate Settlement
Amount may be settled without being counted in the principal’s aggregate settlement
amount of the current year upon the presentation of a statement made by the
principal. Banking enterprises shall also observe the following:
(1) Unless it is otherwise regulated by the Bank, banking enterprises shall not
process declarations of foreign exchange settlements involving renminbi made by
trustees on behalf of principals for buying or selling renminbi- denominated
investment products.
(2) When the destination of outward remittance or the origin of inward remittance is
Mainland Area, banking enterprises shall verify documents provided in Point 26
herein.
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30. To correct the content of a Declaration Statement, a declarant shall submit
an 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 dollars:
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
supporting 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 supporting 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.
(3) Correction of Foreign Exchange Purchase (Sale) Memo with the 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.
The banking enterprise shall make photocopies of relevant documents and information
supporting the correction of the content of the Declaration Statement mentioned in
the preceding paragraph and keep the photocopies along with the original declaration
information for future reference.
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31. When processing a declarant's declaration of foreign exchange settlement, a banking
enterprise shall verify the relevant supporting documents in accordance with the
attached tables of the Directions and the related regulations stipulated by the Bank.
At the same time, the banking enterprise shall request the declarant to present the
relevant supporting documents for verification, and after annotating the date and
amount of the settlement on the relevant documents and affixing the banking
enterprise's signature/seal thereon, produce a photocopy of those documents and
keep the photocopies along with the top copy of the Declaration Statement for
future reference without submitting them to the Department. The reporting concerning
the rest of the information shall be carried out in accordance with relevant
provisions of the “Directions Governing Banking Enterprises for Operating Foreign
Exchange Business”.
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