Taiwan’s Ministry of Finance issued Tax Ruling No. 1080054900 (the Tax Ruling) relating to Article 1 of the Value-added and Non-value-added Business Tax Act (the VAT Act) on 26 August 2019. The Tax Ruling states that the transfer of renewable energy certificates (RECs) should be treated as a sale of services, resulting in the transaction being subject to value-added tax (VAT). The Tax Ruling applies to all transfers of RECs, including transfers occurring prior to the release of the Tax Ruling.
Source: EY
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