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 business of other financial sectors.The Ministry of Finance has introduced the new changes to clarify the rules for application of appropriate tax rates, and revised the format of the business tax return forms and payment slips.
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