Taiwan MOF Clarifies Comprehensive Income, Gift Tax Treatment of Company Gifts to Individuals

The Taiwanese Ministry of Finance Sept. 30 clarified the comprehensive income tax and gift tax treatment of assets that companies gift to individuals. The clarification includes that: 1) an individual, such as an employee or shareholder, isn’t required to file a gift tax return for assets that a company gifts to them, such as cars, real estate, and stock; 2) the individual, however, must include the market value of the assets at the time of receipt in their income, and pay comprehensive income tax on the assets for the year it was received, because no exemption applies; and 3) the ...