- Due to the lifting of pandemic restrictions, the market for buying and selling used cars and motorcycles is becoming more active.
- The tax bureau reminds used car dealers to pay attention to obtaining and keeping relevant invoices and correctly calculating input tax amounts.
- Sales of used cars to certain entities can be subject to a 5% tax rate on the purchase cost, which can be offset against the sales tax.
- Used cars not for sale or for services cannot have their input tax amounts offset.
- Dealers should review their tax calculations for any errors and report and pay any missed taxes and interest before being investigated.
- For questions or assistance, individuals can call the toll-free service number 0800-000321.
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.
Latest Posts in "Taiwan"
- Taiwan Eases VAT Refunds for Overpayments Due to Market and Exchange Rate Changes
- New Tax Registration Threshold Set for Offshore Electronic Service Suppliers by NTBNA
- Beware of Tax Penalties for False Invoices and Unreported Business Income
- New Residents Engaging in Online Transactions Must Register for Tax and Pay Business Tax
- Change of Sole Proprietorship Responsible Person Requires Invoice and Tax for Asset Transfer
