Taiwan MOF Explains Mandatory VAT Reporting for Businesses

The Taiwanese Ministry of Finance Nov. 22 explained the mandatory VAT reporting obligations of businesses. The explanation includes that regardless of sales, qualified businesses must declare VAT every two months and report the sales to the competent authorities within 15 days from the beginning of the next period to avoid penalties. The authorities will impose a 1% penalty between: 1) NT$1,200 (US$43) and NT$12,000 (US$432) if the return filing delay is within 30 days from the specified declaration period; and 2) NT$3,000 (US$108) and NT$30,000 (US$1,079) if the taxpayer delays the declaration beyond the 30-day period. [Taiwan, Ministry of Finance, ...