Taiwan MOF Explains Corporate Income Tax Obligations for Income From Financial Transactions

The Taiwanese Ministry of Finance July 14 released a clarification on corporate income tax obligations for income from securities and futures transactions. The clarification includes: 1) the requirement to include the income from securities and futures transactions in the basic income tax calculation for legal entities even if the income is exempt or subject to a preferential tax rate; and 2) that failure to report such income attracts up to double the amount of any unreported income as a penalty. [Taiwan, Ministry of Finance, 07/14/21]

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