5 Major Developments in Taiwan

5 Major Developments in Taiwan

• Flat-glass shall be subject to commodity tax

• Receipts or ticket stubs obtained by employees for taking transportation due to business trips can declare and deduct business tax

• Registration fees for enrollment, employment examinations, and sports activities are not subject to business tax

• National e-Invoice Competition” to encourage businesses to issue e-invoices

• Taiwan Ministry of Finances Notes Need to Include Business Tax When Pricing Taxable Goods or Services

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Coronavirus

• Deadline for refund of excess business tax payments due to the pandemic is June 30, 2023

Customs

• The country of origin of imported goods should be correctly declared to avoid penalties

• China initiated new “trade barrier investigation” against Taiwan

Deduction (Input Tax Credit)

• Receipts or ticket stubs obtained by employees for taking transportation due to business trips can declare and deduct business tax

• Regulations on business tax assessment for sales of food materials by business operators for contracted schools to cook as school meals

E-invoicing

• National e-Invoice Competition” to encourage businesses to issue e-invoices

Fraud / Tax Evasion

• The country of origin of imported goods should be correctly declared to avoid penalties

• What specific evidence should you provide when reporting online sellers’ tax evasion?

Free Trade Agreement

• Finance, Ways & Means Committee leaders introduce bill approving Taiwan trade agreement

Importation

• The country of origin of imported goods should be correctly declared to avoid penalties

Rate

• Flat-glass shall be subject to commodity tax

Refund

• Deadline for refund of excess business tax payments due to the pandemic is June 30, 2023

Taxable Amount

• Taiwan Ministry of Finances Notes Need to Include Business Tax When Pricing Taxable Goods or Services

• Taipei National Taxation Bureau reminds: selling price to consumers should include VAT

Taxable Transaction

• Registration fees for enrollment, employment examinations, and sports activities are not subject to business tax

• Flat-glass shall be subject to commodity tax

Tax Authorities / Penalties

• “National Tax Helper” intelligent customer service 24 hours online tax consultation

• Deadline for refund of excess business tax payments due to the pandemic is June 30, 2023