So I’ve read that after 183 days of staying in Taiwan My wife and kids(TARC) and myself(ARC -visiting family visa) have to buy Health Insurance, but not sure what to do about income tax filing.
We are taking a gap year and will not work/have income for 2023. If we do not have any income in Taiwan do we still have to file taxes for 2023 in May2024???
AFAIK you still need to file, but the filing is really easy.
When I was a student, I filed. It took 15 min.
And there is interest income in your bank accounts.
You need to file, the end result is that probably you dont owe tax for that year, but you still need to file.
tax return is to be filed regardless of income, it is based on residency. U stayed more than 183 days? Then u r tax resident and have to file. Most likely no tax bill or even a refund.
There is no refund if you didnt pay any taxes. Refund is only if you paid too much.
but, if u have deductibles, like insurance payments or other thinks, u can get maybe a small refund
So it looks like I will have to file. I also read that if I have foreign investments that is 1Million NTD and under then it is not required to report, and if it is $6,700,000NTD and under its required to report but not taxed? Is this correct?
it would have been a nice loophole, but no… you get back only if you paid something… you can pay very little and get it all back (e.g. pay 10K and get 10K back), but there won’t be a case where for example you paid 10,000 in tax and the government gives you back 30,000 because you have a lot of deductibles.
Worth double checking, since numbers might change from year to year, but as far as i know you are correct.
Thank you for the response!
Also one last thing, if I am planning to leave in 2024 before the 183 days(still no Income in Taiwan), I do not have to file taxes for Tax Yr 2024 correct?
AFAIK you dont have to file, since you will cease to be a tax resident, but i would double check with the tax authority what is the right procedure to do when you leave the country.
If u stay more than 90 days but less than 183 and u work during that period, u still have to file and u will be applied the non resident rate
Thank you for the response. I do not plan to work until after I return to the states. So I guess that means i file taxes for 2023 but do not owe any taxes, and for 2024 if i stay less than 183 days I will not have to file a rax return.
I’m sure you know, but W2 taxes you pay to Taiwan, you can have deducted from federal taxes in states. You don’t get taxed twice as long as you file correctly in both locations.