Taiwan Clarifies Need to Provide CFC Financial Statements to Deduct Reported CFC Losses

Taiwan's Ministry of Finance has issued a notice to clarify the need to provide CFC financial statements in order to claim a deduction of reported CFC losses.

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Profit-seeking enterprises reporting CFC's losses must provide the CFC's financial statements within the income tax filing deadline to be eligible for deduction of assessed losses incurred in the preceding 10 years

The National Taxation Bureau of Taipei, Ministry of Finance, stated that the Controlled Foreign Corporation (herei…