Taiwan MOF Clarifies Overseas Income Reporting for Individual Basic Income Tax Declarations

The Taiwanese Ministry of Finance April 25 clarified the overseas income reporting requirements for individual basic income tax declarations. The clarification includes that: 1) total annual overseas income, including from Hong Kong and Macao, above NT$1 million (US$30,720) must be included in net comprehensive income calculations under the Income Tax Act; 2) total annual overseas income exceeding the 2024 tax-free basic income tax amount of NT$7.5 million (US$230,396) must be declared and paid in accordance with the Basic Income Tax Regulations; 3) taxpayers should proactively declare overseas income because that information isn’t provided by the National Tax Bureau; and 4) ...