- When a sole proprietorship changes its responsible person and transfers inventory and fixed assets to the new person, business tax must be reported and paid.
- The transfer of inventory and fixed assets is considered a sale and requires issuing a uniform invoice at fair market value and paying business tax within 15 days.
- The new responsible person can use the invoice to claim input tax deduction.
- Failure to issue invoices and report tax can result in penalties, but self-reporting before investigation can exempt from punishment.
- For tax questions, contact the tax office hotline or use the online tax assistant.
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"
- Declare Corporate Goods at Customs: Avoid Penalties When Entering Taiwan with Company Items
- Businesses Must Calculate Deposit Interest and Issue Invoices for Rental Deposits, Says Tax Authority
- Online Sellers Must Register for Tax if Monthly Sales Reach Threshold, Disclose Business Info
- Taiwan Enforces VAT-Inclusive Pricing and Invoicing, Penalizes Non-Compliant Online Sellers
- Taiwan Announces VAT Relief Measures for Businesses Affected by 2025 Floods
