2017-04-17
Expanding Application of Written Reviews on VAT Declarations
After implementation of the latest amendments to the Labor Standards Act, many businesses are now facing increased costs due to compliance with new policies that require employers to provide more rest days/holidays to employees and to pay overtime to employees if they work on such special days. These cost increases have resulted in many businesses losing profits.
In order to address this problem of the side effects of the latest amendments to the Labor Standards Act, the National Taxation Bureau (NTB) will adjust standards for net income ratios (純益率) and operator fees (執行業務者費用) to expand the application of written reviews on VAT declaration next year. Also, the NTB has invited occupational associations to comment on this issue.
According to the Ministry of Finance (MOF), the above standards will be announced early in 2018. The MOF estimates that more than 530,000 businesses will be eligible for this preference and that the transportation industry and department stores will be major beneficiaries.
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