Taiwan MOF Clarifies Individual Income Tax Withholding Scale

The Taiwanese Ministry of Finance March 4 clarified the 2024 individual income withholding tax scale. The announcement includes measures: 1) setting the deduction threshold at NT$88,501 (US$2,802) for income recipients without spouses or dependents; 2) exempting withholding tax for payments below the threshold and implementing a 5 percent deduction on gross monthly income, capped at 2,000 Chinese yuan (US$278), if the tax exemption forms are not filled out; and 3) mandating the completion of employee income allowance return forms for fixed salary payments by withholding agents. [Taiwan, Ministry of Finance, 03/04/24]

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