Regulatory Alerts2021-06-29
Added · Updated
Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions
The regulations require persons within the territory of the Republic of China possessing or needing foreign exchange valued at or over New Taiwan Dollars 500,000 to declare receipts, disbursements, or transactions. Declarants must file a Declaration Statement through banking enterprises, with specific thresholds determining whether documentation verification or prior approval from the Central Bank of the Republic of China (Taiwan) is required. Annual aggregate settlement limits are set at USD 50 million for companies and firms, and USD 5 million for associations and individuals, while single remittances exceeding USD 100,000 by non-residents or USD 1 million by companies generally require additional scrutiny or approval. The rules also mandate electronic declaration options, impose a five-year document retention period on banking enterprises, and apply mutatis mutandis to remittances involving the Mainland Area and renminbi transactions.
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