- Amendments to the VAT Act were passed by Taiwan’s Legislative Yuan on 15 July 2024
- The amendments aim to ensure correct deduction of input tax, prompt access to e-invoices, accuracy of unified invoice winning list database, protection of public rights in lottery prizes, and simplify reporting procedures for bookkeepers
- Business entities must transmit e-invoices to MOF’s platform within specified time limit or face penalties
- Penalties for failure to submit e-invoices or disclose accurate information range from NTD 1,500 to NTD 15,000
- Terminology and late payment fees have been modified to comply with other regulations, including daily interest for late tax payments
Source: taxathand.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
