FAQ 1. What is the currency to be used for bookkeeping in Taiwan?
Businesses must use domestic currency, New Taiwan dollar, as a bookkeeping base. If foreign currency is used for bookkeeping due to business needs, it is still required to convert the foreign currency into domestic currency in the closing report.
FAQ 2. How to determine the accounting period for Taiwan business entities?
The accounting period for businesses must start on January 1st of each year and end on December 31st of the same year. However, this does not apply if laws stipulate otherwise or in the event of special needs resulting from operations.
FAQ 3. What is accounting basis should be used for Taiwan business entities?
Accrual accounting must be used as an accounting basis; if cash basis is used ordinarily, adjustment using the accrual basis at final accounting must be made.
FAQ 4. How long should I keep the accounting records for Taiwan business entities?
All the accounting documents, except those which should be permanently kept or which are related to unsettled accounting events, must be kept for at least 5 years after the completion of annual closing procedures.
All the accounting books and financial statements must be kept for at least 10 years after the completion of annual closing procedures; provided that there aren’t any unsettled accounting events listed within.
More detailed services and information related to Bookkeeping Requirements in Taiwan and inquired through the PREMIA TNC website.
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