Unwise Integration of the Foreign Account Tax Compliance Act Into the Common Reporting Standard - Taking Taiwan as an Example

Authors

• Yi-Hsin Wu, Benjamin N. Cardozo School of Law

Abstract

The note critically examines the challenges of integrating the Foreign Account Tax Compliance Act (FATCA) with the Common Reporting Standard (CRS), using Taiwan as a case study. It argues that integrating FATCA into CRS is unnecessary and could exacerbate compliance burdens for financial institutions, particularly in jurisdictions like Taiwan that have already invested significant resources into FATCA compliance. Instead, the note advocates for revising FATCA to clarify its provisions and reducing withholding tax obligations, while postponing CRS implementation to allow better preparation and avoid unfair competitive disadvantages.

Disciplines

Comparative and Foreign Law | Environmental Law | International Law | Law | Taxation-Federal | Taxation-Transnational

Recommended Citation

Yi-Hsin Wu, Unwise Integration of the Foreign Account Tax Compliance Act Into the Common Reporting Standard - Taking Taiwan as an Example, 1 Cardozo Int’l & Compar. L. Rev. 565 (2018).
Available at: https://larc.cardozo.yu.edu/ciclr/vol1/iss3/7