Taiwan Introduces Tax Incentives for Small Businesses Adopting Mobile Payments

• The Ministry of Finance in Taiwan has introduced tax incentives for small businesses that adopt mobile payments.
• Small businesses that adopt mobile payments can be exempt from the standard requirements for issuing unified invoices and can receive a tax rate of 1% if their monthly sales exceed 200,000 NTD.
• The adoption of mobile payments by small businesses has increased due to the COVID-19 pandemic, as it reduces contact with consumers and allows for different payment methods.
• To be eligible for the tax incentives, small businesses must accept payments through smart mobile devices, apply through authorized mobile payment providers, and agree to provide sales data to the tax authorities.
• The tax incentives are applicable until December 31, 2025.
• The Kaohsiung National Tax Bureau provides examples of businesses that have benefited from the tax incentives, such as a bakery that saw increased sales after adopting mobile payments.
• The bureau encourages businesses to display mobile payment logos and actively promote the use of mobile payment devices at checkout.
• Small businesses that have not yet adopted mobile payments are encouraged to consider the benefits and apply for the tax incentives.
• For inquiries or assistance, individuals can contact the bureau’s toll-free service hotline or visit their website.

Source: mof.gov.tw

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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