Taiwan MOF Clarifies Income Tax Filing Requirements for Exchange of Houses, Land

The Taiwanese Ministry of Finance March 27 clarified income tax filing requirements for the exchange of houses and land. The clarification includes: 1) that if individuals exchange houses or land that are subject to the unified real estate tax system, they should file house and land transaction income tax declarations within 30 days from the day after the exchanged real estate ownership transfer registration is completed; 2) calculation procedures for taxable income with respect to individuals exchanging a house or land acquired after Jan. 1, 2016; and 3) that exchange agreements, relevant supporting documents for costs and necessary expenses, and ...