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The National Taxation Bureau of Taipei, Ministry of Finance states that any individual, whether a Taiwanese or foreign national, who has income or loss derived from transactions of house and land (hereinafter referred to as “property”) acquired on or after January 1, 2016 shall file an individual house and land transactions income tax return in accordance with the Income Tax Act within 30 days from the following day of the day on which the house and land ownership transfer registration is completed.

The National Taxation Bureau of Taipei, Ministry of Finance states that, in accordance with Paragraph 1, Article 7 of the Act for the Development of Biotech and Pharmaceutical Industry, to encourage the establishment or expansion of biotech and pharmaceutical companies, a profit-seeking enterprise that (i) originally subscribes for or underwrites shares issued by a biotech and pharmaceutical company

The National Taxation Bureau of Taipei (NTBT), Ministry of Finance, states that, differences between book value and year-end valuation on accounts receivable or accounts payable denominated in foreign currencies are unrealized exchange gains or losses. These unrealized gains or losses shall be excluded from annual Profit-Seeking Enterprise Income Tax Returns.

The National Taxation Bureau of Taipei, Ministry of Finance, states that taxpayers who are prohibited from the disposal of property due to overdue taxes may offer third-party property of equivalent collateral value to the outstanding tax payable. This property will serve as a guarantee when applying to have the disposal prohibition written off.

We are delighted to announce that in February this year, Yaofeng CPA Firm officially entered into a partnership with the renowned Australian accounting firm Hall Chadwick. We have since established Hall Chadwick Taiwan, combining our local expertise with international resources to provide our clients with more comprehensive professional services.

The National Taxation Bureau of Taipei, Ministry of Finance stated that in accordance with Article 43-3 of the Income Tax Act, if a profit-seeking enterprise holds shares or capital of a foreign affiliated enterprise located in a low-tax country or jurisdiction (hereinafter referred to as low-tax jurisdiction) that meets the definition of a controlled foreign company (hereinafter referred to as CFC), and such CFC does not qualify for exemption provisions, the profit-seeking enterprise shall recognize CFC investment income and include it in the taxable income for the current year.

The National Taxation Bureau of Taipei, Ministry of Finance states that when taxpayers are dissatisfied with the tax assessments made by tax authority, they may apply for rechecks in accordance with Article 35 of the Tax Collection Act. After the original competent authority makes a recheck decision, if taxpayers remain dissatisfied, they may file administrative appeals with the Ministry of Finance through the original competent authority in accordance with Article 14 of the Administrative Appeal Act. However, attention should be paid to the statutory deadline for filing administrative appeals.

The Controlled Foreign Company (CFC) Rules were officially implemented in 2023. If a profit-seeking enterprise holds shares or capital of a foreign company that satisfies the definition of a CFC and the CFC does not qualify for the exemption threshold, it must recognize the CFC’s investment income in accordance with Article 43-3 of the Income Tax Act and include it in the current year’s taxable income.

The National Taxation Bureau of the Southern Area, Ministry of Finance stated that, according to Article 38 of the Income Tax Act and Articles 62 and 103 of the Regulations Governing Assessment of Profit-seeking Enterprise Income Tax, other losses filed by profit-seeking enterprises shall be attached with legal certificates and be related to their operation of business or subsidiary business, so as to be considered as expenses or losses of profit-seeking enterprises.

The National Taxation Bureau of the Central Area, Ministry of Finance expressed that to prevent any multinational enterprise from establishing a controlled foreign company (CFC) with no substantial operating activities in a low-tax country or jurisdiction to influence the CFC’s profit distribution policy and retain earnings in the CFC through equity control or substantial control for tax avoidance in our country, Article 43-3 of the Income Tax Act (hereinafter referred to as ”the Act”) was promulgated on July 27, 2016 to set the CFC rules for enterprises, and was designated by the Executive Yuan to be enforced from the 2023 taxable year for enterprises.

The Mincyuan Office, National Taxation Bureau of the Central Area, Ministry of Finance stated that when a couple file a joint income tax return, and one spouse is a citizen of the Republic of China (R.O.C.) while the other is a foreign resident, the place of filing depends on the nationality of the designated taxpayer.

For taxpayers who have selected to make tax payment by designated account transfer for the 2024 individual income tax return, the withdrawal process will start from 00:00 a.m. on July 10, 2025, according to the National Taxation Bureau of Taipei, Ministry of Finance. Please ensure that you have sufficient funds in said designated account for withdrawal before July 9, 2025.