Increased Business Taxes for Financial and Insurance Services in Taiwan

Taiwan has passed draft amendments to the country's tax laws that would increase taxation of financial and insurance service providers with or without an establishment in Taiwan. The main proposed changes concerning financial and insurance sectors include:

• The business tax rate would increase to 5% from 2% on core banking and insurance company revenues
• The supply of services in Taiwan by foreign financial institutions with no fixed place of business will be subject to business tax via a reverse…