Paying taxes and filing the returns- these are something that you can’t ignore! Especially when you are in Taiwan, the tax laws are quite strict and complicated. And if you are the last-minute person, you may be in a RUSH right now to pay your Taiwan Individual Income Tax! Isn’t it?
But you may have heard this old saying, “Rush is itself a negative vibe!” It means that you have the risk to make a blunder while in a hurry for preparations and filing, and you make, indeed!
Slip-ups while preparing and filing Taiwan Individual Income Tax
Yes, your mistakes are not intentional! Still, you make but never notice that! We, APAC Taxation Group, have done a survey and got the following blunders people make in a rush at the time of paying tax. Such as:
Trying DIY instead of hiring CPAs!
While the tax return deadlines are at your door, most people probably don’t want to waste more time looking for certified tax accountants (CPAs). They take advantage of advanced software and go for DIY!
But this one the biggest mistake you could make! Though the deadline is closer, our tax experts are faster than you. They have depth-in knowledge of the latest Taiwan IIT laws, the preparation, and the filing process.
Not considering the residency status!
You often don’t take a look at your residency status in Taiwan when managing the tax preparations on your own. In Taiwan, tax rates vary, depending on how many days you live in a financial year here!
For instance, if you live 183 days or more than that, in a tax year, you are a resident. People who reside less than 90 days or between 90 and 183 days are non-residents. Yet, they have to pay different tax rates at the end of the year.
Forget to include the last income amount!
Have you changed your job in the middle of the financial year in Taiwan? Then, it’s essential to include both your current and last income status while preparing and filing the tax returns. The tax rates will be counted accordingly!
Getting confused with IIT return due dates!
In Taiwan, May 31 is the deadline to file tax returns because their taxable year ends on December 31. People often get confused with these two dates and miss their deadlines. It’s better to contact us instead of handling the preparations on your own!
Not checking the latest tax laws update!
The tax laws keep changing! If you have a plan to prepare your tax alone, stay updated! But people often forget to do so and make blunders in filing returns. Come to us for Taiwan Individual Income Tax! Our CPAs are knowledgeable about the latest tax laws and will help you throughout the process.
So, do you need any help with the preparations and filing of the Taiwan Individual Income Tax? Then, feel free to consult with us! We ensure to keep you compliant and reduce the tax exposure too. Besides, you can see our other services as well! From payroll to employment- our team of CPAs will get you all covered!