Taiwan (TW)

Jurisdiction Overview

IDQuestionAnswer
188 *Is there an obligation to keep accounting data? Yes
 Data Date: 2019

Notes

 
Data warning: Taiwan has not yet been reviewed by the Global Forum.
 
According to article 228 of the Companies Act, all companies are required to prepare financial statements. Taiwan's income tax Law requires that a profit-seeking enterprise keeps sufficient and accurate account records and supporting documents for calculation of its taxable income. In addition, according to Deloitte: "Listed companies, unlisted public companies and financial institutions regulated by the Taïwan Financial Supervisory Commission (FSC) must use International Financial Reporting Standards (IFRS) for the preparation of their financial statements. Private companies must follow the Enterprise Accounting Standard and the Business Entity Accounting Act, which have been revised based on IFRS." (Deloitte 2019: 1). Furthermore, since January 1st 2016, the Ministry of Economic Affairs permits the non-public companies to apply IFRS instead of the local accounting standards.

Sources

https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dttl-tax-taiwanhighlights-2019.pdf
 
https://law.moj.gov.tw/Eng/LawClass/LawAll.aspx?PCode=G0340003
 
http://law.moj.gov.tw/Eng/LawClass/LawAll.aspx?PCode=J0080009
 
http://www.bycpa.com/html/news/20132/1797.html
 
https://home.kpmg/content/dam/kpmg/xx/pdf/2018/08/taiwan-2018.pdf
 
https://www.nordeatrade.com/se/explore-new-market/taiwan/accounting?vider_sticky=oui