Regulatory Alerts2022-12-26
Added · Updated
Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions
The regulations require persons in the Republic of China (Taiwan) possessing or needing foreign exchange valued at New Taiwan Dollars 500,000 or more to declare receipts, disbursements, or transactions to the Central Bank of the Republic of China (Taiwan) through banking enterprises. Declarants must submit a Declaration Statement of Foreign Exchange Receipts and Disbursements or Transactions, with specific thresholds determining whether documentation verification or prior Bank approval is required for processing. The rules define declarants, including agents and non-residents, and mandate that banking enterprises retain declaration records for at least five years. Amendments promulgated on December 26, 2022, take effect on January 1, 2023.
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