The month of May is tax filing season. National Taxation Bureau of Taipei, Ministry of Finance recalls foreigners with employment gold cards who fit the status of particular specialists, arrive to Taiwan for the first time to work, remain for 183 days, and have wage income that exceeds NT$3 million. For a five-year term, foreigners are eligible for tax perks. To lessen the tax burden, the wage that exceeds NT$3 million in half can be included in the year's total comprehensive income.
According to the Act for the Recruitment and Employment of Foreign Professionals, Taiwan has developed a favorable tax policy for particular foreign experts in order to entice them to work in Taiwan. The following three conditions must all be met in order for this policy to be relevant. The applicant was given permission to live in Taiwan for the first time due to employment, engaged in professional work connected to a specialty that was recognized in Taiwan within five years of being hired to do so or receiving an employment gold card, failed to establish a household registration in Taiwan, and failed to comply with the income tax law regulations on foreign residents.
National Taxation Bureau reminds foreign professionals of tax filing instructions and tax incentives.Photo reproduced from Pixabay
The National Taxation Bureau of Taipei, Ministry of Finance also noted that while the day of obtaining the Employment Gold Card refers to the card issue date on the Employment Gold Card, the time of being employed as a professional working day refers to the start of the employment period specified in the Ministry of Labor or the Ministry of Education's approval of the employment permit for specific foreign professionals.
The National Taxation Bureau of Taipei, Ministry of Finance reminds businesses that, in order to protect foreigners' rights and interests, foreign specific professionals must complete the comprehensive income tax settlement declaration annually, fill out the application form for income tax reduction and exemption for specific foreign professionals, and submit it along with the necessary paperwork.