The account-handling bank, as referred to in the preceding paragraph, shall, within seven working days from the date of delivery of the application materials, notify the tax authority of its review opinions in writing. Upon receiving such notification, the tax authority shall, within three working days from the date of receiving the notification, reply to the applicant with the result of the qualification review and the account-handling bank's review opinions. The tax authority may reject the application under any of the following circumstances, and the applicant shall be notified of the reason(s) for such rejection:
With regard to the reviews as referred to in the preceding two paragraphs, if the tax authority or the account-handling bank deems that certain non-compliances are remedial, the tax authority and/or the account-handling bank shall respectively notify the applicant to remedy the non-compliances within seven working days; the running of the review period will not include such remedy period. If the non-compliances are not remedied or are not fully remedied at the end of the remedy period, the application will be rejected in accordance with the preceding paragraph.
The tax authority shall send a copy to the account-handling bank, the competent authority, the FSC, the Ministry of Economic Affairs (hereinafter referred to as the “MOEA”), and the Central Bank of the Republic of China (Taiwan) in its notice to the applicant.