Laws Information

法規資訊
Title: Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transac
Am Date: 2013-07-30
Legislative History: Text of Directions 3, 4, 6, 8 and 16 amended on July 30, 2013

Transaction

Amendment

Article 2
(Declarant and Methods of Declaration)
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.
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 8 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 9 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 9 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.
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.

Article 3
(Definitions)
The terms as used in these Regulations are defined as follows:
1. The term “ banking enterprise ” shall mean banks, 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.
2. The term "company" shall mean a company established in the Republic of China pursuant to the laws of the Republic of China or recognized by and registered with the government of the Republic of China.
3. 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.
4. The term “ association ” shall mean an association established pursuant to the laws of the Republic of China with approval from the competent authorities.
5. The term “ individual ” shall mean a natural person over 20 years of age 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.
6. The term “ non-resident ” 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 company, a firm or an association that has not been duly incorporated and registered within the territory of the Republic of China, or a foreign legal entity that has not been recognized by the government of the Republic of China.

Article 4
(Direct declaration of foreign exchange settlement)
Except of those foreign exchange transactions specified in Article 5, in which the banking enterprises shall verify the relevant contracts and letters of approval that evidence the Declaration Statement of foreign exchange receipts and disbursements or transactions before processing foreign exchange settlements, a declarant, after filling out a Declaration Statement, may process the foreign exchange settlements against the New Taiwan dollar in the following foreign exchange receipts and disbursemens or transactions:
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;
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;
3. Foreign exchange purchased or sold by a company or a firm within the annual aggregate settlement amount not exceeding USD 50 million or foreign exchange purchased or sold by an association or an individual within the annual aggregate settlement amount not exceeding USD 5 million; however, the amount of foreign exchange purchased or sold as referred to in the preceding two subparagraphs and Subparagraph 4 of Article 5 herein will not be included in the annual aggregate settlement amount; and
4. A single remittance by a non-resident not exceeding USD 100,000. However, a foreign financial institution outside the territory of the Republic of China may not sell foreign exchange through inward remittance.
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 the preceding paragraph 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.

Article 6
(Declaration of foreign exchange settlement requiring approval)
The settlement of foreign exchange 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:
1. Essential remittances by a company or a firm whose annual aggregate settlement amount of foreign exchange purchased or sold has exceeded 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 USD 5 million.
2. A single remittance exceeding 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.
3. The following remittances where a single remittance by a non-resident exceeds 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.
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.

Article 8
(Mandated declaration of foreign exchange settlement)
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 ” and other regulations stipulated by of the Bank.
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 mandatory shall present a letter of mandate and identification documents of both the principal and the mandatory to the banking enterprise, and make the declaration in the name of the principal.

Article 16
(Declaration of remittance to Mainland Area)
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.
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.