Taiwan: Ministry of Finance warns of penalties for underreporting income despite no tax due
Taiwan's Ministry of Finance has clarified that enterprises will be penalized for failing to report or underreporting income, even if no tax liability exists. This announcement was made by the Taiwan Ministry of Finance on 2 January
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Taiwan: MOF clarifies exit restrictions for tax debtors ahead of lunar new year
Taiwan's Ministry of Finance (MOF) has issued a notice on 21 December 2025 clarifying the requirements for the lifting of travel restriction on tax debtors, which include either paying the tax due along with a fine, or furnishing property
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Taiwan proposes extension of tax refund claim period under income tax treaties
Taiwan’s Ministry of Finance (MOF) has proposed a draft amendment to extend the tax refund application period under income tax treaties from five years to ten years. This change aims to streamline regulations and provide taxpayers with
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US President Donald Trump’s tariffs spark retaliation from Canada, Mexico, China, and Taiwan escalating trade wars
Canada’s Prime Minister Justin Trudeau announced on Saturday, 1 February 2025, that the country will impose 25% tariffs on US goods, including orange juice, household appliances, and plastics, in response to US duties on Canadian imports. This
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US: Senate Finance, Foreign Relations Committees propose Bill to expedite double-tax relief on US-Taiwan cross-border investment
US Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon), with US Senate Foreign Relations Committee Chairman Jim Risch (R-Idaho) and Ranking Member Jeanne Shaheen (D-New Hampshire) has introduced a
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US: House of Representatives passes Taiwan Tax Relief Act
The US House of Representatives approved Bill H.R. 33 – also known as the United States-Taiwan Expedited Double-Tax Relief Act – on 15 January 2025. This legislation aims to relieve double taxation in Taiwan by authorising a tax treaty
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Taiwan updates low-tax jurisdictions list
Taiwan's Ministry of Finance (MOF) released an updated list of low-tax jurisdictions on 27 December 2024. Controlled Foreign Company (CFC) rules, which have been in effect in Taiwan since the 2023 tax year, were introduced to prevent companies or
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Taiwan: MOF extends business tax payment deadline
Taiwan's Ministry of Finance (MOF) has announced an extension for the business tax payment deadline to 24 February 2025. The extension applies to both the quarterly period ending 31 December 2024 and the monthly period for January 2025. This
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Taiwan consults increasing VAT registration threshold for non-resident digital service providers
The Taiwanese Ministry of Finance announced on 24 December 2024 that it is seeking public feedback on proposed amendments to VAT rules for non-resident entities offering digital services. The changes aim to raise the annual sales threshold for VAT
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Taiwan raises business tax thresholds for small enterprises
Taiwan's Ministry of Finance announced a revision to the Business Tax Thresholds for Small-Scale Enterprises, effective from 1 January 2025. Small businesses that remain below these thresholds are exempt from tax. The monthly limit for goods has
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Taiwan extends reduced day trading tax rate until 2027
Taiwan's Ministry of Finance announced the implementation of amendments to extend the reduced Securities Transaction Tax for day trading (from 0.3% to 0.15%) on the Taiwan securities market, following approval by the Legislative Yuan on 31 December
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Taiwan publishes guidance on tax withholding, calculation for foreign enterprises
Taiwan’s Ministry of Finance has issued guidance on income tax withholding, non-withholding tax statements, and calculating corporate taxes for foreign companies. Optimised income tax withholding system According to an announcement by
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Lithuania: Government approves ratification of tax treaty with Taiwan
The Government approved the draft Law for ratification of the tax treaty with Taiwan. The announcement was made by the Lithuanian Ministry of Finance on 11 December 2024. The agreement seeks to eliminate double taxation and to prevent tax evasion
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Taiwan: MOF clarifies amounts of basic income eligible for exemption from basic income tax, related deductions for 2025
The Taiwan's Ministry of Finance (MOF) made an announcement regarding the amounts of basic income eligible for an exemption from income basic tax and related deductions for 2025 on 28 November 2024. The MOF states that, in accordance with the
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US: Rep. Ami Bera leads bipartisan push for Taiwan double taxation relief
The US Representative Ami Bera, M.D. (D-CA-06), Ranking Member of the House Foreign Affairs Subcommittee on the Indo-Pacific and Co-Chair of the Congressional Taiwan Caucus, and Rep. Andy Barr (R-KY-06), Co-Chair of the Congressional Taiwan Caucus
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Taiwan reminds taxpayers of Master File, CbC report submission deadlines for FY2023
Taiwan's Ministry of Finance has issued a reminder to taxpayers about the approaching deadline for submitting the Master File and CbC Report for 2023 on 4 December 2024. The Ministry of Finance states that in order to strengthen tax information
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Taiwan publishes guidance on reclassifying expired claims as income
Taiwan's Ministry of Finance has released a notice offering guidance on how to handle accrued expenses that surpass the statute of limitations for unpaid claims 27 November 2024. The National Taxation Bureau of Taipei, Ministry of Finance, stated
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Taiwan: Ministry of Finance announces withholding tax system optimisations, effective 1 January 2025
To optimise Taiwan’s income tax withholding system and protect the rights and interests of taxpayers, amendments to the Income Tax Act, announced on 7 August 2024, will be promulgated on 1 January 2025, as approved by the Executive Yuan. The
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