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Taiwan's Legislative Yuan has approved the Finance Ministry proposal to impose value-added tax (VAT) on foreign online sellers' supplies to Taiwanese consumers.
The proposal is intended to modernize Taiwan's VAT and non-VAT business turnover tax rules, raise additional revenues, and level the playing field for bricks and mortar retail and service businesses.
Foreign online suppliers selling cross-border goods and electronic services to end consumers will have to register for tax in Taiwan through a permanent establishment, or appoint a VAT or turnover tax representative. The permanent establishment or agent will be required to file the necessary tax returns. Significant penalties are to be imposed for non-compliance.
The Finance Ministry is now to draw up the required registration and tax payment procedures. It is expected that the measure will be implemented early in 2017.
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