Taiwan Confirms Reduction in Penalty Surcharge for Late Payment

Taiwan’s Ministry of Finance has published a notice confirming a reduction in the penalty surcharge for late tax payment. The notice includes that with effect from 1 January 2022, the penalty surcharge for late payment was reduced from 1% every two days to 1% every three days, with the maximum surcharge reduced from 15% to 10% (surcharge is imposed for up to a 30-day period). Where payment is not made within 30 days of the due date, interest will begin to accrue from the first days after the 30-day surcharge period, which is calculated daily based on the one-year time deposit interest rate of the postal savings bank of Taiwan.

Source Orbitax

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