Taiwan Confirms Penalties Not Claimable as Expenses or Losses

Taiwan's Ministry of Finance has issued a release confirming that penalties stipulated in various tax acts and regulations are not claimable as expenses or losses.

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Delinquent Payments, Surcharges of Delinquent Reporting, Surcharges of Non-Reporting and Penalties Shall Not Be Claimed as Taxable Expenses or Losses

National Taxation Bureau of Northern Area (NTBNA), Ministry of Finance stated that delinquent payments, surcharges of delinquent reporting, as well as surcharges of non-report…