The President of Taiwan has recently announced significant amendments to the Business Tax Act (BTA). These amendments aim to elevate the requirement for uploading electronic government uniform invoices (e-GUIs) to the e-GUI platform from an administrative regulation level to a statutory law level.
In April 2024, the Executive Yuan had already passed draft amendments to the BTA, which introduced the requirement for business entities to upload e-GUIs to the e-GUI platform within a specific time frame for retention and verification purposes. The newly announced amendments further solidify this requirement and provide additional details.
Under the proposed amendments, the Ministry of Finance will be authorized to formulate regulations that define the scope of e-GUIs and specify the necessary information that should be uploaded. This will ensure uniformity and consistency in the e-GUI uploading process.
For business-to-business (B2B) transactions, the amendments stipulate that e-GUIs must be uploaded within 7 days of issuance. On the other hand, for business-to-consumer (B2C) transactions, e-GUIs must be uploaded within 48 hours of issuance. These time limits aim to streamline the verification process and enhance tax compliance.
Business entities that fail to comply with the e-GUI uploading requirement will face penalties ranging from NT$1,500 to NT$15,000. It is important to note that failure to rectify the non-compliance within the specified deadline set by the tax authorities will result in continuous imposition of penalties.
In order for these amendments to become effective, they must first be reviewed and approved by the Legislative Yuan. Once approved, the changes will be incorporated into the Business Tax Act, making the e-GUI uploading requirement a statutory obligation for businesses operating in [Country].
These amendments demonstrate the government’s commitment to modernizing tax administration and promoting digitalization in business processes. The implementation of the e-GUI uploading requirement will enhance tax transparency, reduce administrative burdens, and facilitate more efficient tax compliance and verification procedures.
See also PwC
- See also
- Join the Linkedin Group on Global E-Invoicing/E-Reporting/SAF-T Developments, click HERE
