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Taiwan Individual - Significant developments

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On January 18, 2018, amendments to the Income Tax Act passed third reading by the Legislative Yuan and is retroactively effective from January 1, 2018. The amendments will apply to income earned from January 2018 onwards with respect to individual income tax ("IIT") return.

The salient points of the new tax reform in related to IIT are summarised as follows:

Tax on Dividend

      Resident shareholders: 

  1. Abolish imputation tax system
  2. Dividend income is taxed based on the following two alternatives, whichever is more beneficial:
    (1) Dividend income is subject to IIT progressive tax rate with 8.5% of dividend income available as tax credits, capped at TWD80,000; or
    (2) Separately taxed using flat tax rate of 28%

      Non-resident shareholders:

  1. Standard withholding tax rate is 21%. Reduced withholding tax rates may apply in accordance with applicable tax treaties
  2. Surtax on undistributed earnings can no longer be credited against dividend withholding tax, with the exception of 2018, i.e. dividends distributed in 2018 can still utilize the tax credit

Individual Income Tax

  1. Maximum Tax Rate: 40%
  2. The following deductions have increased: 
    (1) Standard deduction: TWD120,000 for single taxpayer; TWD240,000 for married couple filing jointly
    (2) Special deduction for salary or wages: TWD200,000
    (3) Special deduction for disability: TWD200,000
    (4) Special deduction for pre-school children: TWD120,000


Last Reviewed - 09 February 2018

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