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Taiwan Individual - Significant developments

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

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

Tax on dividends

Resident shareholders:

  • Abolish imputation tax system.
  • Dividend income is taxed based on the following two alternatives, whichever is more beneficial:
    • Dividend income is subject to IIT progressive tax rate, with 8.5% of dividend income available as tax credits, capped at 80,000 new Taiwan dollars (TWD).
    • Separately taxed using flat tax rate of 28%.

Non-resident shareholders:

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

Individual income tax (IIT)

  • Maximum tax rate: 40%.
  • The following deductions have increased:
    • Standard deduction: TWD 120,000 for single taxpayer; TWD 240,000 for married couple filing jointly.
    • Special deduction for salary or wages: TWD 200,000.
    • Special deduction for disability: TWD 200,000.
    • Special deduction for pre-school children: TWD 120,000.


Last Reviewed - 09 February 2018

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