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History:
Notice No. 11204674390 issued by the Ministry of Finance on November 23, 2023
Subject:
Announcement regarding the amount of basic income of a profit-seeking enterprise or an individual that is exempt from paying income tax in accordance with the Income Basic Tax Act, the deductible amount from the basic income when a profit-seeking enterprise or an individual calculating the basic tax, and the amount of insurance payment made upon the death of an insured person that is excluded from the individual basic income for 2024.
Basis:
Paragraph 2 of Article 3, Paragraph 2 of Article 8, Paragraph 5 of Article 12, and Paragraph 3 of Article 13 of the Income Basic Tax Act (hereinafter referred to as the Act).
Announcements:
1. A profit-seeking enterprise with a basic income no more than NT$600,000 in 2024 is exempt from paying income tax in accordance with the Act.
2. An individual with a basic income no more than NT$7,500,000 in 2024 is exempt from paying income tax in accordance with the Act.
3. For a profit-seeking enterprise whose basic income exceeds NT$600,000 in 2024, the amount of basic tax shall be the amount of basic income as calculated with a deduction of NT$600,000 and then multiplied by the tax rate prescribed by the Executive Yuan (the current rate is 12%).
4. For an individual whose basic income exceeds NT$7,500,000 in 2024, the amount of basic tax shall be the amount of basic income as calculated with a deduction of NT$7,500,000 and then multiplied by the tax rate of 20%.
5. For the insurance payment made upon the death of an insured person stipulated in the proviso of Subparagraph 2, Paragraph 1, Article 12 of the Act, the part of which aggregate of payment made in a filing unit is no more than NT$37,400,000 in 2024 may be excluded from the individual basic income.
Notice No. 11204674390 issued by the Ministry of Finance on November 23, 2023
Subject:
Announcement regarding the amount of basic income of a profit-seeking enterprise or an individual that is exempt from paying income tax in accordance with the Income Basic Tax Act, the deductible amount from the basic income when a profit-seeking enterprise or an individual calculating the basic tax, and the amount of insurance payment made upon the death of an insured person that is excluded from the individual basic income for 2024.
Basis:
Paragraph 2 of Article 3, Paragraph 2 of Article 8, Paragraph 5 of Article 12, and Paragraph 3 of Article 13 of the Income Basic Tax Act (hereinafter referred to as the Act).
Announcements:
1. A profit-seeking enterprise with a basic income no more than NT$600,000 in 2024 is exempt from paying income tax in accordance with the Act.
2. An individual with a basic income no more than NT$7,500,000 in 2024 is exempt from paying income tax in accordance with the Act.
3. For a profit-seeking enterprise whose basic income exceeds NT$600,000 in 2024, the amount of basic tax shall be the amount of basic income as calculated with a deduction of NT$600,000 and then multiplied by the tax rate prescribed by the Executive Yuan (the current rate is 12%).
4. For an individual whose basic income exceeds NT$7,500,000 in 2024, the amount of basic tax shall be the amount of basic income as calculated with a deduction of NT$7,500,000 and then multiplied by the tax rate of 20%.
5. For the insurance payment made upon the death of an insured person stipulated in the proviso of Subparagraph 2, Paragraph 1, Article 12 of the Act, the part of which aggregate of payment made in a filing unit is no more than NT$37,400,000 in 2024 may be excluded from the individual basic income.
