Taiwan: Individual Income Tax Modified
The Legislative Congress in Taiwan passed an amendment to article 15 of the Income Tax Act on 6 January 2015 which allows partners to calculate their income and subject themselves to individual income tax separately. The new regime retrospectively
See MoreDTA between Taiwan and Ireland under negotiation
On January 13, 2015, Ma Ying-jeou, the Taiwanese president said that the Republic of China and Ireland have enjoyed close exchanges in recent years and that both sides are now negotiating on signing an agreement for the avoidance of double taxation
See MoreTaiwan: Income tax treaty with Austria enters into force
The Double Tax Agreement (DTA) between Taiwan and Austria entered into force on 20 December 2014. Most of the treaty articles are applied from 1 January 2015. The agreement was signed on 12 July 2014. Under the provisions of the treaty the
See MoreTaiwan: Proposes Tax Breaks In Return for Wage Hikes
A modification to the Statute for Developing Small- and Medium-Sized Enterprises (SMEs) in Taiwan, which will provide corporate income tax breaks to those businesses raising wages for their lower-level employees, has passed its first committee
See MoreTaiwan: With China agreed to continue trade talks
Recently, Taiwan and China have agreed to continue discussions on goods tariff reductions within their economic cooperation framework agreement (ECFA), despite the long-running dispute over the cross-strait agreement for trade in services that was
See MoreTaiwan: Ministry of Finance improved business tax for banks, insurance companies
Taiwan’s Government has increased business tax for banking and insurance industries from 2% to 5%, which will be effective on 1 July 2014. Nevertheless, a 2% rate may remain to apply for banks and insurance companies that involve in the essential
See MoreTaiwan: Recommends Tax Cuts for SMEs to raise wages
Taiwan's Cabinet agreed an amendment to the draft law that would give corporate tax deductions to small and medium businesses that raise pay for their lower-level employees. The amendment suggests a 130% tax deduction for small- and medium-sized
See MoreTaiwan- FATCA Agreement Expected In June 2014
Taiwan is expecting to finalize a FATCA agreement with the US by end of June 2014. The FATCA Act requires the IRS to gain information about accounts of US citizens and residents with foreign financial institutions. To ensure that this can be done
See MoreTaiwan Approves 45 Percent Top Income Tax Rate
Tax reforms passed in Taiwan include a 45% rate of income tax on incomes above TWD 10 million per annum. Also included in the reform is an increase in the basic income tax threshold to TWD 90,000 for single taxpayers and TWD 180,000 for married
See MoreTaiwan increases business tax rate for financial services
Taiwan has amended the laws on income tax, VAT and business tax with an effective date of 1 January 2015 in the case of the income tax changes. The measures include an increase of the business tax rate on core business revenue in banking and
See MoreTaiwan: Committee approves Luxury Tax on residential properties
The Finance Committee of Taiwan’s legislature has given its approval to amendments of the luxury tax imposed on residential property. The luxury tax imposes a 15 percent tax on the sale price of property sold less than one year after it was
See MoreTaiwan- Proposal to increase business tax rates
Taiwan’s Ministry of Finance (“MOF") has recently spoken about efforts to improve Taiwan’s financial prospects. The proposals include plans to raise business tax rates on the banking and insurance industries, reduce the imputation credit ratio
See MoreDTA between Austria and Taiwan
On February 20, 2014, Austria and Taiwan initialed a double taxation agreement (DTA) following three days of negotiations. No further details are currently
See MoreTaiwan – Income tax exemption for royalties and technical service fees
Taiwan has introduced an amendment concerning the rules governing taxpayers (including foreign for-profit entities) that apply for an exemption from income tax on royalties and technical service fees related to the manufacturing, technical service,
See MoreCanada and Taiwan: DTA negotiations
Canada and Taiwan have confirmed that they are in negotiations towards a double taxation agreement (DTA), which could be signed during
See MoreTaiwan: Worried At Non-Declaration of Property Income
Recently, Taiwan’s National Taxation Bureau (NTBT) published that the requirement to announce, on an income tax return, profits for an off-plan property transaction cannot be escaped non-residents is involved. They also specified that, even any
See MoreAgreement to avoid double taxation between China and Taiwan is under process
China and Taiwan expect to sign shortly the draft of an agreement to avoid double taxation. This follows a previous attempt at negotiating a double taxation agreement in 2009, based generally on the OECD Model. On that occasion the conclusion of a
See MoreHalf-Year Tax Revenues Fall in Taiwan
Taiwan's Ministry of Finance has announced a 5.2 percent fall in revenue in June 2013 due to a fall in receipts from corporate taxes. There has been a decrease in total tax collections in the first half of this year which includes falls in
See More