Taiwan's Ministry of Finance has issued a release to explain the applicable corporate tax rates for the fiscal years 2018 and 2019. As a result of the Income Tax Act amendments approved earlier in the year, the standard corporate tax rate is increased to 20% from 2018 with certain transitional provisions for smaller businesses. The release includes that:
- Where the total taxable income of a company is TWD 120,000 or less, the company is exempt from tax;
- Where the total taxable income of a co…