Taiwan MOF Clarifies Real Estate Tax 2.0 Filing Procedures for Profit-Making Enterprises Selling Real Estate

The Taiwanese Ministry of Finance Dec. 24 clarified the tax filing procedures for profit-seeking enterprises selling real estate acquired after Jan. 1, 2016, and sold from July 1, 2021, under the real estate tax 2.0 system. The clarification includes that: 1) when selling land, profit-making enterprises should deduct relevant costs, expenses, or losses from income, then deduct the total amount of land price; 2) taxes should be calculated separately for each transaction and reported jointly by filing the profit-seeking enterprise income tax settlement return, including each transaction’s gain or loss and individually-listed land price increase deduction; and 3) the balance ...