A TransAsia Airways plane has crashed on landing on an island off typhoon-hit Taiwan killing 47 people, the Civil Aeronautics Administration has said.

Local media said the crash happened on one of the Penghu islands, also known as the Pescadores.

The plane, a 70-seat turboprop ATR Model 72, crashed near the runway with 54 passengers and four crew on board.

"It's chaotic on the scene," said Jean Shen, director of the civil aviation authorities.

Typhoon Matmo slammed into Taiwan today with heavy rains and strong winds, shutting financial markets and schools.

TransAsia Airways is a Taiwan-based airline with a fleet of 23 mostly Airbus aircraft, flying chiefly on domestic routes, but with some flights to Japan, Thailand and Cambodia among its Asian destinations.

The Department of Foreign Affairs has said it is aware of the crash but that there are no reports of Irish victims at this time.