From Jan 1 2010, individual overseas income of the whole family exceeding NTD 1 million every year shall be recognized as basic income. According to Article 7 of Income Tax Act, the taxpayer shall be the person 1) who has domicile within the territory of the ROC and resides at all times within the territory of the ROC; 2) who has no domicile within the territory of the Republic of China but resides within the territory of the Republic of China for a period of more than 183 days during a taxable year. Failure to report overseas income will result in all such income being taxable. Income earned in mainland China, however, will continue to be subject to income tax in accordance with the provisions of Article 24, Paragraph 1 of the Statute Governing Relations between the Peoples of the Taiwan Area and the Mainland Area. Income earned in mainland China, whatever its amount, will not be included in the alternative minimum tax.
Feb 22
June 28th, 2010 at 1:29 pm
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