Taiwan: The Ministry of Finance clarifies the treatment of unreported VAT on import goods
The Taiwanese Ministry of Finance addressed the issue of unreported VAT on imported items.
The clarification includes:
- Taxpayers can’t deduct the VAT amount imposed by customs due to underreporting of the taxable value of imported goods
- If a company operator discovers incorrectly stated non-deductible input tax, the taxpayer must file a supplemental declaration.
- Interest rates may be imposed without penalty for taxpayers who pay the evaded tax before the tax authority conducts an audit or inquiry.
Source: mof.gov.tw
