Taiwan explains deductibility of interest on tax payments and penalties

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The tax bureau of Gao Xiong of the Ministry of Finance issued a declaration that interest on the recovery of tax payables due to the incorrect declaration of costs, expenses or losses and interest on tax payments due to the rejection in an administrative complaint process are deductible for income tax purposes. Though, the penalties for late tax payments and other violations may not be considered expenses and are non-deductible in determining taxable income.

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