Taiwan will soon launch a digital service which will allow people entering or exiting Taiwan to declare assets such as gold and currency online, the Ministry of Finance (MOF) said on Friday.

Under the Anti-Money Laundering Regulations for Cross-border Declaration and Reporting, people entering or exiting Taiwan with more than NT$100,000 in Taiwan dollars, more than US$10,000 in foreign currency, and gold worth more than US$20,000 must declare such valuables with Taiwan customs.

The process is currently done physically by filling out and submitting paper forms at customs locations.

A recent revision to the regulations added online declaration as a valid option, the MOF said.

Officials from the Customs Administration, which is under the MOF, explained Friday that the digital service would be able to be accessed via computers and smart devices, providing an expedient and paper-free option for those who need to declare their assets.

Valuable assets exceeding the government regulated amount will be able to be declared on the nation’s CPT (Carriage Paid To) Single Window website, according to the officials.

The officials said the online service could be launched as soon as before Nov. 12 in both Chinese and English.

While the service would complement the traditional paper copy service, the administration hopes to have the online service become fully digital in the future in other languages as well, said the officials.

Additionally, officials said once the service goes online, QR codes which will link smart devices to the website will be posted by customs locations at Taiwan’s entry ports.

Computers will also be installed at customs declarations counters in both of Taoyuan Airport’s terminals so that those entering Taiwan may access the digital service quickly.

Source: Focus Taiwan News Channel