Taiwan Tax Update December 2023

Income Tax

• Ministry of Finance (“MOF”) announced amendments to Regulations Governing Assessment of Profit-seeking Enterprise Income Tax
• MOF released Tax Ruling No. 11204681100 addressing income tax implication on sales of international carbon credits from reduced emissions under credited quotas traded on the Taiwan Carbon Solution Exchange (“TCX”) by foreign profit-seeking enterprises

Value Added Tax

• MOF released Tax Ruling No. 11204662230 stipulating that late payment interest charged by business entities in accordance with Paragraph 1 of Article 233 of the Civil Code due to buyers’ failure to make timely payment for purchase of goods or services shall not constitute “sales amount” for VAT purposes