Taiwan MOF Clarifies VAT Registration Obligations for Individuals Selling Goods, Services Online

The Taiwanese Ministry of Finance July 10 issued a notice on VAT registration obligations for individuals selling goods and services online for profit. The notice includes that: 1) individuals must register for VAT once their monthly sales reach or exceed the registration threshold of NT$100,000 (US$3,422) for goods and NT$50,000 (US$1,711) for services; 2) failure to register before the end of the next month will result in back taxes, and the imposition of a fine equal to five times the unreported VAT amount; 3) individuals must register their domain name and website address when applying for VAT registration; 4) individuals ...