Taiwan updates e-invoicing requirements with MIG 4.0 and new penalties by upgrading its e-invoicing system. The new upgrade includes the introduction of the MIG 4.0 format starting January 2024, while previous versions can still be used until 31 December 2025. Electronic invoicing has been compulsory for both domestic and foreign businesses in Taiwan since January 2021, with failure to comply resulting in fines of up to TW$ 15,000 and potential late tax penalties. The eGUI system requires companies to issue and report invoices electronically, with essential details such as the GUI number, customer email, taxable value, and description of goods or services provided.
Source VATit
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