Taiwan's Ministry of Finance has issued a notice on the need for individuals to report overseas income for income basic tax purposes. The income basic tax is essentially an alternative minimum tax levied at a rate of 20% for individuals. The notice reminds taxpayers that if the combined overseas income of a household, including the taxpayer, spouse, and dependents, exceeds TWD 1 million in a given year, it must be included in the calculation of the individual's basic income. If the total bas…