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 New Taiwan Dollars (NTD), Taiwan’s national currency.
“Any resident of Taiwan who acquired income derived from sources outside Taiwan – including Hong Kong and Macao – and excluded from gross consolidated income, shall fill out the ‘Individual Income Basic Tax Return of the R.O.C.’ (Republic of China, the official name of the state) form for declaration”, the statement read.
Taiwan’s Taxation Bureau also indicated that taxpayers are exempt from paying taxes on their overseas income if it amounts to less than NTD1m (£25,823, $33,065, €28,000).
Easier payments
Taiwan has recently made it easier for taxpayers to make overseas payments without appointing a local tax representative or setting up a local bank account.
Earlier in the month, the country’s Ministry of Finance launched a new cross-border remittance service, allowing individual income tax payments to be made from abroad by mail or fax.
The service comes in response to requests from overseas residents who have in the past struggled to pay tax bills.