Skip to content
OrbitaxOrbitax

Taiwan Clarifies Requirements to Convert to Taiwan Currency in Returns When Using Foreign Currency as Functional and Bookkeeping Currency

|Approved Changes|Taiwan
Taiwan

Taiwan's Ministry of Finance has issued a notice clarifying the requirement to convert foreign currency used as an enterprise's functional and bookkeeping currency to Taiwan currency (TWD) in annual tax returns. The notice explains that revenue, costs, expenses, and losses must be converted using the annual average exchange rate, calculated from the Bank of Taiwan end of month spot buy rates, rounded to 5 decimal places. The notice also explains that if a transaction occurs in a currency oth…

Continue reading with a Pro Subscription

Unlock full Orbitax Tax News content, including a historical database of tax news, alerts, and analysis from our network of tax experts, all tailored to your company footprint. Now includes Orbitax XatBot AI Tax Assistant.

Free trial available. Cancel anytime. Free Orbitax account required.

Already a Pro or Pro+ subscriber? Sign in to Orbitax to continue reading.