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Taiwan Clarifies Requirements to Claim Deductions for Fixed Assets Scrapped Before the End of their Prescribed Useful Life

|Approved Changes|Taiwan
Taiwan

Taiwan's Ministry of Finance has issued a notice on claiming deductions for fixed assets that are scrapped before the end of their prescribed useful life, such as when assets are destroyed by a natural disaster. The notice clarifies that when fixed assets are scrapped before the end of their prescribed useful life, a taxpayer must either obtain prior approval from the tax authority or provide certified supporting documents such as CPA audit reports regarding disaster losses, CPA audited tax …

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