Taiwan Accounting and Tax Services

Tetra Consultants provides Taiwan accounting and tax services. It is important for our international clients to stay compliant with Taiwan accounting and tax regulations. Our accounting team will assist with your business’ annual returns, financial statements, tax compliance and bookkeeping.

Company Registration

3 Weeks

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Bank Account Opening

4 Weeks

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    Taiwan accounting and tax services

    Many international clients engage Tetra Consultants for Taiwan accounting and tax services. Tetra Consultants will timely complete your firm’s financial statements, corporate tax returns and manage auditors on your behalf and without the need to travel. It is important to meet the deadlines stipulated by the Taiwan Taxation Administration, Ministry of Finance. Failure to comply will result in late penalties and fines.  Contact us now for a free consultation. Our team of experts will revert within the next 24 hours.

    Annual reporting requirements

    • In accordance with the Taiwan Taxation Administration, Ministry of Finance, it is mandatory for business owners partaking in businesses within the jurisdiction to file annual tax returns by the end of 31st May following the end of the fiscal year. The tax payments of corporate tax liabilities shall be included in the filing of annual tax returns.
    • Taiwan enterprises adhering to the calendar year are obligated to pay provisional income taxes to ensure that taxpayers do not have a significant tax debt. An amount equivalent to 50% of the corporation’s preceding year’s tax liability is due during the period of 1st September to 30th September for enterprises with an income tax year aligning with the calendar year.
    • Corporations who failed to meet the stipulated deadline of 31st May will be subjected to a late filing penalty on the tax due. Irregular taxpayers in Taiwan are subjected to a 10% penalty on tax payable and limited to a maximum penalty of TWD30,000.
    • Taxpayers who failed to file annual tax returns in due time will be subjected to penalties as well depending on the degree of non-compliance. Non-compliant taxpayers will be subjected to a 20% penalty on tax payable, limited to a maximum of TWD90,000.

    Taiwan Corporate Income Tax

    • Resident companies in Taiwan with an income exceeding TWD500,000 are subjected to a relatively low Corporate Income Tax Rate of 20%. Enterprises with an income lower than TWD120,000 are not taxable under the Taiwan Tax regulations.
    • Corporations are subjected to a 5% surtax should the current year’s earnings remain undistributed by the end of the following year.
    • Furthermore, as part of the government’s incentive to attract foreign direct investments, business entities under Taiwan’s Free Trade Zones are exempted from Corporate Income Tax duties, subjected to approval.

    Taiwan Audit Requirements

    • In line with Taiwan’s Tax Administration, Ministry of Finance, corporations must submit annual financial statements audited by a certified public accountant to the Financial Supervisory Commission (FSC) should the respective listed categories apply:
      1. The corporation is publicly listed
      2. Financial Institutions
    • A corporation with registered capital exceeding TWD 30,000,000

    Taiwan Value Added Tax (VAT)

    • Taiwan’s Value Added Tax has a standard rate of 5%. The supply of goods and services in connection with exports are zero-rated. Healthcare services, land sales and approved textbooks are exempted from Taiwan’s Business Tax.
    • Taiwan’s business tax compromises of two different systems, namely, the Value Added Tax (VAT) system and the Gross Business Receipt Tax (GBRT). The VAT system applies to the majority of taxpayers except for financial institutions, vendors of food and beverages and small businesses that fall under the GRBT system.
    • The payments made under the GRBT system is considered as an additional cost to the buyer as it is non-recoverable.

    Taiwan Withholding tax

    • According to Taiwan’s Tax rules and regulations, Taiwan registered business entities are obligated to withhold a percentage of certain payments made to non-residents. The withholding tax compliance falls under the responsibility of the Taiwan business entity. Generally, Taiwan sourced income paid to non-residents is subjected to a 20% withholding tax rate unless otherwise specified.
    • Generally, dividends paid by a Taiwan corporation to a non-resident shareholder are subjected to a 21% withholding tax rate. The withholding tax does not apply to dividends paid to resident shareholders.
    • Royalties paid by a Taiwan corporation to a non-resident are subjected to a 20% withholding tax rate. Furthermore, a 10% withholding tax rate is applicable when royalties are paid to resident taxpayers.
    • Interest paid by a resident Taiwan company to a non-resident is subjected to a 15% or 20% withholding tax rate. Additionally, a 10% withholding tax rate is applicable to interests paid to resident taxpayers.

    Contact us now to find out more about Tetra Consultants’ Taiwan accounting and tax services. Our team of experts will revert within the next 24 hours.

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