- Taxpayers facing large tax assessments from the National Taxation Bureau can apply for installment payments with added interest
- This option helps prevent overdue payments and the irreversible consequences of enforced collection actions
- According to the Tax Collection Act and the guidelines for installment payments with interest, individuals and businesses can apply if the tax due exceeds certain thresholds
- Approved installment periods cannot exceed three years and interest is calculated based on the annual fixed deposit rate from the first day after the original due date to the day of payment
- Tax authorities may require adequate collateral from the taxpayer as per regulations
- Example provided where Company A was assessed 3.6 million in business tax and was allowed to pay in 24 monthly installments with interest calculated daily from the day after the original due date
- Installment payments alleviate the burden of paying large taxes at once but failing to pay any installment on time can lead to full payment demands within 10 days and additional penalties if still unpaid
- Taxpayers are advised to pay attention to their installment schedules and can seek assistance through the tax bureau’s hotline or online customer service
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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