Q1: What is the general regulation for accounting that Taiwan companies need to comply with?

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.

Q2: What is the currency and minimum currency unit I should use for accounting?

A: The currency you should use for your Taiwan company is the New Taiwan Dollars (NTD) and the minimum currency unit is NTD 1 without decimal.

Q3: Should I engage a CPA to audit my Taiwan company’s financial statements?

A: You need to engage a CPA for financial audit if the Taiwan company meet one of following: Capital is NTD$30 million or more Annual sales is NTD$100 million or more Company has 100 employees or more Public company Financial institution (bank, insurance/security company) Bank loan is NTD$30 million or more

Q4: What is the benefit if I outsource the accounting to a service provider?

A: Save your time Maintaining accounting is a time-consuming job and outsourcing it can let you concentrate on the main business of your Taiwan company. Cost effectiveness Outsourcing can save your payroll payment and training costs. It is especially proper for newly incorporated companies. Reduce the error risk A professional and experienced agent can provide you the best guidance within your industry in order to reduce the risk of failure.

FAQ: Taiwan Accounting Standards

[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 VAT Filing Q&A

In general, a company should file the VAT return every 2 months in Taiwan. However, under certain circumstances, companies can apply for monthly VAT reporting after getting the approval from the tax authority.

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.

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[Taiwan] Taiwan Accounting Standards Q&A

What Are the Accounting Standards Used in Taiwan?

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

[Taiwan] Taiwan VAT Filing Q&A

Bookkeeping Requirements in Taiwan FAQ