Small-scale business owners whose operations are interrupted by heavy rain or other natural disasters may apply for tax relief on disaster-related losses, the Central Region National Taxation Bureau of the Ministry of Finance has said.
The Central Region National Taxation Bureau of the Ministry of Finance (Taiwan) has announced that small-scale business owners whose operations are interrupted due to heavy rain or other natural disasters may apply for tax relief for disaster losses in accordance with relevant regulations.
Eligible businesses may, subject to approval, deduct the number of days during which operations were suspended and calculate business tax based on the actual number of days they were in operation.
The bureau advised affected business owners to follow three steps when reporting disaster losses. First, they should take photographs of the affected premises as evidence before cleaning the site. Second, they should prepare a list of losses, a repair estimate, and other supporting documentation. Third, after the disaster occurs, they should submit an application to the competent tax authority.
In response to recent disasters affecting certain areas, tax authorities said they will adopt simplified and expedited procedures to assist businesses in applying for tax relief. Applications may be submitted online or through paper filings with the competent tax authority.
