Taiwan revises business tax deadlines
The President of Taiwan has officially revised and promulgated key provisions of the Value-Added and Non-Value-Added Business Tax Law (Business Tax Law) on 7 August 2024. These amendments aim to enhance the compliance of electronic invoicing and
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Taiwan issues guidance on claiming foreign tax credits for overseas income
Taiwan's Ministry of Finance (MoF) has released a notice offering guidance on how to claim foreign tax credits. With the globalisation of the economy, it has become more common for domestic profit-seeking enterprises to earn overseas income.
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Taiwan: Fines for regulatory violations are not deductible in tax returns
Taiwan's Ministry of Finance has issued a notice stating that fines for regulatory violations cannot be deducted as expenses or losses on annual income tax declaration for profit-seeking enterprises on yesterday, 14 August 2024. The National
See MoreTaiwan clarifies collateral provided for lifting exit restrictions
Taiwan's Ministry of Finance has clarified that collateral provided to lift travel restrictions due to outstanding tax debts will not be returned until the taxes are fully paid. The National Taxation Bureau of the Northern Area (NTBNA), Ministry
See MoreTaiwan clarifies business tax on cross-border e-commerce purchases for personal use
Taiwan’s Ministry of Finance has released a notice explaining the levy of business tax on goods purchased for personal use through cross-border e-commerce. Recently, Kaohsiung Customs has received numerous inquiries from the public on why
See MoreTaiwan-South Korea tax treaty takes effect January 2024, Taiwan’s 35th ADTA
Taiwan's Ministry of Finance has announced that the new income tax treaty with South Korea, which came into effect on 27 December 2023, will be applicable from 1 January 2024. The National Taxation Bureau of the Central Area, Ministry of Finance
See MoreTaiwan: MoF issues notice on calculating interest income for loans
Taiwan's Ministry of Finance has released a notice regarding the calculation of interest income for loans provided either without interest or at a rate below the market standard. The Dajyh Office, National Taxation Bureau of the Central Area,
See MoreTaiwan clarifies interest expense rules for fixed asset purchases and construction
Taiwan's Ministry of Finance released a notice on 5 June, 2024 concerning the assessment of the regulations on the recognition of interest expenses related to the purchase and construction of fixed assets profit-seeking enterprises. The National
See MoreTaiwan issues currency conversion guidelines for offshore e-service suppliers
The National Taxation Bureau of Taipei, Ministry of Finance, has announced that offshore electronic service suppliers pricing their sales of digital services in foreign currencies are required to convert these amounts into New Taiwan Dollars (NTD)
See MoreTaiwan: Profit-seeking enterprises which have yet to file their annual income tax returns should declare supplementary as soon as possible
The Taichung Branch, National Taxation Bureau of the Central Area, Ministry of Finance indicates that profit-seeking enterprises who have yet to file their 2023 income tax returns by the deadline 31 May, 2024, will soon be sent a delinquency notice
See MoreTaiwan clarifies land expenditure treatment for tax calculation
The Ministry of Finance in Taiwan has issued a notice, on 3 June 2024, stating that expenses related to preparing land for sale should be accounted for as part of the land cost when calculating net income. According to Paragraph 1, Article 24 of
See MoreTaiwan calls for improved compliance with CRS standard
The Ministry of Finance has issued a critical directive to all Financial Institutions (FIs), emphasising the need for strict adherence to the "Measures for Financial Institutions to Implement Joint Reporting and Due Diligence Operations" on 24 May,
See MoreTaiwan publishes CFC rules for foreign residents
Taiwan's Ministry of Finance has released a notice regarding the application of Controlled Foreign Company (CFC) rules to foreign residents meeting the country's residency criteria. The notice states that foreign nationals, who lived in Taiwan
See MoreTaiwan announces tax relief for Hualien businesses affected by earthquake
The National Taxation Bureau of the Northern Area has announced proactive measures to support businesses affected by the 3 April, 2024, Hualien earthquake. In response to the significant impact on tourism-related industries and operational
See MoreTaiwan introduces instalment option for settling significant supplementary taxes
On 7 May 2024, the Ministry of Finance in Taiwan released a notification regarding instalment alternatives for settling significant supplementary taxes. The notification states: The National Taxation Bureau of the Northern Area (NTBNA), MOF
See MoreTaiwan: Ministry of Finance relaxes taxation for CFC
The Ministry of Finance in Taiwan has released a notification regarding eased taxation regulations concerning profits from Controlled Foreign Corporations (CFCs) invested in enterprises situated in non-low-tax jurisdictions that are acknowledged
See MoreTaiwan sets deadline for R&D investment tax credit recognition applications
On 26 March 2024, the Ministry of Finance of Taiwan released a notice on the application deadline for the recognition of R&D activities for the R&D investment tax credit. According to the National Taxation Bureau of Taipei, the Ministry
See MoreTaiwan grants basic income tax exemptions and deductions for 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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