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Taiwan’s local private banks worried about incoming CRS framework

For offshore private banks, the OECD-developed Common Reporting Standard (CRS) regime suggests an opportunity for lower-cost tax reporting and standardised account opening. However, domestic banks in Taiwan are more pessimistic about the impact of the regime, which in practice, should come into effect in the jurisdiction on 1 January 2019. Although Taiwan cannot officially join the CRS regime as an…

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