Taiwan MOF Clarifies Tax Deductions on Basic Living Expenses

The Taiwanese Ministry of Finance April 21 clarified income tax deductions for basic living expenses, for the 2021 comprehensive income tax settlement declaration due in May 2022. The clarification includes: 1) an increase in the basic living expense allowance to NT$192,000 (US$6,575) per person; 2) the calculation method for basic living expenses for all members of a household; and 3) the deduction from total income of the difference between total basic living expenses and the sum of the personal exemption, standard or itemized deduction, and special deductions. [Taiwan, Ministry of Finance, 04/21/22]

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