A New Approach to Reporting Overdue Foreign Financial Accounts

The Statute of Limitations on Assessment for US taxes is primarily enforced by the Internal Revenue Service (IRS). The length of this period varies significantly based on your filing status.

The period from November each year to January of the following year is the busiest time for corporate accounting and finance departments. Specifically, the income withholding tax reporting in January is a critical link in ensuring a company complies with tax regulations. Many responsible personnel are not familiar enough with these procedures, which can lead to omissions or even unnecessary fines. This article provides an easy-to-understand analysis of the withholding system to help corporate staff master core regulations and practical points.

The "Sports Industry Development Act," which was amended and took effect on July 23, 2025, not only lays a more stable foundation for the development of Taiwan's sports industry but also opens up highly attractive opportunities for investors interested in the sports field. Furthermore, the Executive Yuan upgraded the original "Sports Administration" under the Ministry of Education to the "Ministry of Sports" on September 9, with the goal of encouraging and guiding policies to promote a national fitness trend, boost the development of the sports industry, and enhance national sports competitiveness.

In order to attract foreign professionals, there are currently two tax incentives for foreign professionals, as follows:
In the Act for the Recruitment and Employment of Foreign Professionals, the Ministry of Finance has formulated the Regulations Governing Reduction and Exemption of Income Tax of Foreign Special Professionals and according to the FAQ issued by the Taipei National Taxation Bureau of the Ministry of Finance, those who are eligible for the tax incentives, if they meet the relevant requirements, can also apply the " The Scope of Application for Tax Preferences Provided to Foreign Professionals" issued by the Ministry of Finance on January 8, 1997. Thus, in addition to reducing or exempting personal consolidated income tax for foreign professionals, profit-seeking enterprises can also recognize related expenses.

In terms of the global logistic business, a special ruling is updated by Taiwan MOF on April 17th, 2018. Per ruling no. 10600664060, offshore entities will be liable to pay income taxes for their merchandise that are stored in warehouse located in Taiwan, and be sold and delivered to customers via logistic vendors or other third parties as such a business activity is considered to derive certain sort of Taiwan sourced income.

The MOF ruling no.35247: Mileage claim related regulation.