Taiwan Clarifies that Enterprises Omitting or Underreporting Income will be Penalized Even if No Tax is Due

Taiwan's Ministry of Finance has issued a notice to clarify that enterprises omitting or underreporting income will be penalized even if no tax is due.

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Profit-seeking Enterprises Omitting or Underreporting Income Shall Be Punished Even in Cases of No Tax Payable

Profit-seeking enterprises reporting a business loss in its annual income tax return will still be penalized if found to have omitted or underreported income, even if there is no tax payable after adding the omitted or underr…