- The Executive Yuan passed a draft amendment to the Value-Added and Non-Value-Added Business Tax Law
- The draft amendment requires businesses to submit electronic invoices and related information to the Ministry of Finance within a specified time limit
- Failure to comply or provide false information may result in penalties
- The amendment aims to ensure accurate tax deductions, allow consumers to access cloud invoices, maintain accuracy of lottery data, and simplify reporting procedures
- Penalties for non-compliance range from NT$1,500 to NT$15,000
- The Ministry of Finance will communicate with the legislature to complete the amendment process as soon as possible.
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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