Taiwan grants basic income tax exemptions and deductions for 2024 

January 09, 2024

On 8 January 2024, Taiwan’s Ministry of Finance released a notice regarding the amounts of basic income eligible for an exemption from Income Basic Tax and related deductions for 2024 according to the Income Basic Tax Act on 23 November 2023. The

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Taiwan: MOF reminds taxpayers to submit master file and CbC report by 31st December 2023

November 16, 2023

On 10 November 2023, Taiwan’s Ministry of Finance (MOF) issued a press release as a reminder to the taxpayers to submit master file and country-by-country (CbC) report. The profit-seeking enterprises that meet the conditions and use the

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Taiwan reminds profit-seeking enterprises to file annual income tax returns on time

August 21, 2023

On 15 August 2023, Taiwan’s National Taxation Bureau of the Central Area (The Taichung Branch), Ministry of Finance indicated that according to the Income Tax Act, where a profit-seeking enterprise fails to file an annual income tax return within

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Taiwan extends the deadline for business tax payment for Q4 2022 and January 2023

January 11, 2023

On 4 January 2023, the Ministry of Finance of Taiwan issued a press release regarding the tax payment deadline for Q4 (4th quarter) and January 2023. Accordingly, the deadline has been extended to 22 February 2023. The Ministry of Finance reminds

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Taiwan provides the list of low-tax jurisdictions under CFC rules

December 23, 2022

On 13 December 2022, the Ministry of Finance of Taiwan issued a press release providing the list of low-tax jurisdictions under controlled foreign company (CFC) rules. The CFC rules will be effective from 1 January 2023 for profit-making enterprises

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Taiwan: Executive Yuan approves draft amendments on R&D and equipment investment credits

November 23, 2022

On 17 November 2022, the Executive Yuan approved a draft amendment providing tax credit on R&D and equipment investment. The proposed amendments will now be submitted to the Legislative Yuan for deliberation and are hoped to be implemented at

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Taiwan: MOF exempts FINI on physical WHT statements

September 08, 2022

On 2 September 2022, the Ministry of Finance (MOF) of Taiwan issued a press release to provide an exemption for a Foreign Institutional Investor (FINI) in case of physical withholding tax (WHT) statements when applying for the reduced tax rate in

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Taiwan: MOF exempts provisional income tax payments from January to June 2022

September 05, 2022

Recently, the Ministry of Finance of Taiwan provides an exemption on provisional income tax payments for the period January to June 2022. The exemption is provided for provisional income tax returns in September 2022 for companies affected by the

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Taiwan extends tax deductions for smart machinery and 5G investment

August 07, 2022

On 26 July 2022, the Ministry of Finance of Taiwan announced that the smart machinery and 5G investment deductions will be extended to the end of 31 December 2024. Furthermore, investments in new information security products or services will be

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Taiwan reduces the late payment surcharge from 1 January 2022

May 22, 2022

On 18 May 2022, the Ministry of Finance of Taiwan has announced that the late payment surcharge has been reduced to 1% for every 3 days, up to a maximum of 10%. Previously the rate was applicable to 1% for every 2 days, up to a maximum of 15%. If

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Taiwan announces net profit rate reduction for companies affected by COVID-19

May 13, 2022

On 9 May 2022, the Ministry of Finance of Taiwan has announced that net profit rate is reduced for companies affected by the COVID-19 pandemic. The rate is reduced by 20% for companies which net operating income was reduced of at least 30% in 2021

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Taiwan extends filing deadline for 2021 income tax return to 30 June 2022

May 11, 2022

On 4 May 2022, Taiwan’s Ministry of Finance (MOF) has extended the deadline for filing income tax return for the tax year 2021 from 31 May 2022 to 30 June 2022 due to the COVID-19 pandemic. The extension is applicable for both personal income tax

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Taiwan: CFC rules will be effective from 2023

March 21, 2022

On 16 March 2022, Taiwan’s Ministry of Finance (MOF) issued a press release where it is stated that the controlled foreign company (CFC) rules will be effective from 1 January 2023 for individuals and 2023 taxable year for

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Taiwan: MOF clarifies WHT rules on dividends for non-residents

March 06, 2022

On 2 March 2022, Taiwan’s Ministry of Finance (MOF) issued a press release clarifying withholding tax on dividends paid to non-residents companies. MOF clarifies the following issues through the press release: Dividends paid to non-resident

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Taiwan: MOF reminds taxpayers for submitting MF and CbC report by December 31st

December 02, 2021

On 30 November 2021, Taiwan’s Ministry of Finance (MOF) has issued a press release as a reminder to the taxpayers for submitting Master Files (MF) and Country-by-Country (CbC) reports. The profit-seeking enterprises that meet the conditions

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Taiwan: MOF explains about filing R&D expenditures as tax credit

November 15, 2021

On 11 November 2021, the National Taxation Bureau of Northern Area (NTBNA), Ministry of Finance (MOF) of Taiwan has issued a press release where it was stated that corporations filing Research & Development (R&D) expenditures as tax credits

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Taiwan notifies affiliates of MNEs on submission of Master File and CbC report

November 11, 2021

On 9 November 2021, Taiwan’s National Tax Bureau of the Southern Area has indicated that affiliates of multinational enterprises in Taiwan, which meet the threshold to submit Master File or Country-by-Country (CbC) Report, shall not only disclose

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Taiwan announces the amendments to the tax treaty rules and PE rules

August 16, 2021

On 12 August 2021, Taiwan’s Ministry of Finance has announced the amendments to the “Regulations Governing Application of Agreements for the Avoidance of Double Taxation with Respect to Taxes on Income”. The amended regulations have come into

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