Taiwan's Ministry of Finance has issued notice to clarify that expenditures incurred to render land available for sale should be reported as the cost of land in determining net income.
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Expenditures incurred by profit-seeking enterprises to render land available for sale should be classified as the cost of land.
The National Taxation Bureau of the Northern Area (NTBNA), M.O.F., stated that according to Paragraph 1, Article 24 of the Income Tax Act, the amount of the profit-seeking ent…