Philippines Issues Tax Reassessment Notice; FSC: Taiwanese Banks Communicating Collectively
Philippine tax authorities have issued notices for back taxes to Taiwanese banks. The FSC states this is not a targeted action and they are monitoring the communication progress.
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- 📰 Published: April 7, 2026 at 22:53
- 🔍 Collected: April 7, 2026 at 23:00 (7 min after Published)
- 🤖 AI Analyzed: April 20, 2026 at 13:12 (302h 12m after Collected)
Media reported that the Philippines has issued a hefty back tax notice to Taiwanese banks for 2025. Bankers Association Chairman Tung Rui-bin recently led a delegation to communicate locally, accompanied by executives from several banks.
Currently, there are 2 subsidiary banks, 6 branches, and 1 representative office of Taiwanese banks in the Philippines. Wang Yun-chung, Deputy Director of the FSC's Banking Bureau, stated at a regular press conference today that this case arose from a tax reform in the Philippines in 2020-2021, and tax authorities have issued back tax notices to Taiwanese banks. Due to the large amounts involved, domestic banks have doubts about the tax standards and timeframes, leading to the decision for the Bankers Association Chairman Tung Rui-bin to lead a delegation for communication.
When asked if Taiwanese banks were being targeted, Wang Yun-chung explained that Philippine tax authorities have issued similar notices to all foreign banks, not just Taiwanese ones, and other foreign banks are also in negotiations with the Philippines.
Regarding the scale of the back taxes, Wang Yun-chung further elaborated that it is understood that 6 branches have received back tax notices, while the 2 subsidiary banks did not receive notices from the Philippine National Tax Service last year. However, as the parties are still in communication, the specific total amount and individual bank situations cannot be disclosed.
Wang Yun-chung pointed out that the communication between Taiwanese banks in mid-March fully expressed their stance. He emphasized that legal compliance issues for banks operating abroad must respect local regulatory authorities. As this is a tax matter and not within the scope of financial supervision, the FSC cannot intervene directly but will continue to closely monitor the negotiation progress. (Editor: Yang Kai-hsiang) 1150407
Currently, there are 2 subsidiary banks, 6 branches, and 1 representative office of Taiwanese banks in the Philippines. Wang Yun-chung, Deputy Director of the FSC's Banking Bureau, stated at a regular press conference today that this case arose from a tax reform in the Philippines in 2020-2021, and tax authorities have issued back tax notices to Taiwanese banks. Due to the large amounts involved, domestic banks have doubts about the tax standards and timeframes, leading to the decision for the Bankers Association Chairman Tung Rui-bin to lead a delegation for communication.
When asked if Taiwanese banks were being targeted, Wang Yun-chung explained that Philippine tax authorities have issued similar notices to all foreign banks, not just Taiwanese ones, and other foreign banks are also in negotiations with the Philippines.
Regarding the scale of the back taxes, Wang Yun-chung further elaborated that it is understood that 6 branches have received back tax notices, while the 2 subsidiary banks did not receive notices from the Philippine National Tax Service last year. However, as the parties are still in communication, the specific total amount and individual bank situations cannot be disclosed.
Wang Yun-chung pointed out that the communication between Taiwanese banks in mid-March fully expressed their stance. He emphasized that legal compliance issues for banks operating abroad must respect local regulatory authorities. As this is a tax matter and not within the scope of financial supervision, the FSC cannot intervene directly but will continue to closely monitor the negotiation progress. (Editor: Yang Kai-hsiang) 1150407