[Taiwan] Taiwan VAT Filing – Small Business for Selling Goods Q&A

What is the definition of a small business entity in Taiwan? There are 4 criteria of a small business entity as below. The business scope is small. The monthly sales amount is lower than NTD$200,00. The monthly sales have been verified by the tax authority. Subject to tax registration if start to run the business. The VAT rate is 1% of the monthly sales. For example, if your monthly sales are NTD$80,000, you will be subject to NTD$800 per month and the payment should be made on a quarterly basis.

[Taiwan] Taiwan Accounting Standards Q&A

All companies in Taiwan are required to keep accurate and complete accounting records in accordance with Taiwan GAAP. This includes maintaining a general ledger, preparing financial statements, and keeping supporting documents such as invoices and receipts.

Bookkeeping Requirements in Taiwan FAQ

Companies must use the domestic currency, the New Taiwan Dollar (NTD), for bookkeeping and settlement operations. Even if foreign currency is used for business needs, the settlement report must convert foreign currency into domestic currency.

Value-added tax (VAT) in Taiwan FAQ

Taiwan VAT is levied when goods or services are sold or imported within Taiwan.

Corporate income tax filing extend to 30th June 2022

The number of positive cases is rising rapidly recently. The Ministry of Finance urgently announced on 27th April 2022 that, considering the possibility of the spread of the epidemic caused by the crowds to the IRS in a short period of time, the income tax declaration will be extended by one month to the end of June. This is the extend the period for three consecutive years due to the pandemic. The extension applies both corporate income tax and personal income tax.