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 improve consumer rights.
Amendment to the Business Tax Law include:
- The updated regulations pertain to the submission (deposit) of electronic invoices and associated information to the Electronic Invoice Integrated Service Platform.
- In the context of B2B transactions, it is essential that e-invoices and the necessary information be submitted to the platform within a period of seven days. Conversely, for B2C transactions, e-invoices and the required information must be provided to the platform within two days.
- If a business fails to submit e-invoices and associated information, or does not adhere to the specified deadlines, a penalty ranging from TWD 1,500 to TWD 15,000 will be enforced.
