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Taiwan Warns Taxpayers To Declare Overseas Income

by Mary Swire, Tax-News.com, Hong Kong

22 August 2017


Taiwan's Ministry of Finance has warned that taxpayers who fail to declare overseas income face fines of up to three times the tax evaded.

In a statement issued on August 21, the National Taxation Bureau of Taipei reminded taxpayers that Taiwanese tax residents must report income received from foreign companies for overseas assignments, converting such sums into the Taiwanese national currency. It said: "Any resident of [Taiwan] who acquired income derived from sources outside [Taiwan] (including from Hong Kong and Macao) and excluded from gross consolidated income, shall fill out the "Individual Income Basic Tax Return of the R.O.C" form for declaration, unless the aggregate income of the said sources is less than NTD1m."

The tax agency called on taxpayers receiving overseas income to voluntarily declare it in compliance with the regulations, to avoid facing fines.

TAGS: compliance | Finance | tax | Taiwan | regulation | penalties | Tax

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