We’re starting a new segment, delivering some news and or insights about the hottest topics for foreigners here in Taiwan.

This month of May, is tax filing season so here are some important things that you need to remember. 

1.   The government of Taiwan has extended the filing of taxes for individual, business, and property taxes until June 30th, to avoid crowding at tax offices, now that we’re experiencing a surge in the number of COVID cases.

2.   For business owners, you need to file taxes every two months, that is every other month starting January, March, May, July, and so on. But for individuals, you only do it in May, and this year, you have until June 30th according to the Ministry of Finance.

3.   For foreigners who own a business, you actually don’t need an accountant to file taxes for you. You can do it on your own.

4.   You don’t need to separately file for full year tax statement, unless you need to submit receipts that you have just collected, for example some big items that you purchased months ago but failed to submit in your last filing. Usually, tax office does not mind these expense receipts because it helps them collect higher taxes.

5.   If this is your first time to get an accountant to help you with your tax filing

a.   Most of them will charge you for filing taxes on a monthly basis but they only file your taxes every two months

b.   Most of them will charge you for filing taxes every month and one more month for “full year tax filing”, when it is already included in the scheduled filing every other month.

6.   The going rate for monthly tax filing that Taiwanese accountants charge is NTD3,000 per month, anyone asking for lower amount is OK, anyone charging higher is taking advantage of your lack of research.

 

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