Should the tax authorities in Taiwan promulgate specific forms for reporting of income received from corruption, bribery, kickbacks, etc.?
I have heard that in the United States such “income” is taxable.
Does anyone have information on relevant statutes from USA, Canada, U.K., other European countries, etc??
Do you think Taiwan should follow suit by putting such legislation into place and promulgating the forms for reporting of such “income”??
Note: I am 100% serious in raising this question. I realize that the persons involved here in Taiwan WILL NOT REPORT their illicit gains . . . . . . but that isn’t the point. The point is that when they are found out to have engaged in such activities, then (at that juncture) the tax authorities go after them, and assess back taxes. Also, I think that implementing such legislation, and making available such forms SENDS A MESSAGE, and that is the type of message we need to send here in Taiwan . . . . .
Technically i would imagine that in any country with income tax then it would be taxable. Unless it has changed in the last couple of years, then there is nowhere to enter this in the UK forms, unless you put it under other income, which allows for anything and everything.
If the attempt is to prosecute for tax evasion afterwards, then a section which had to be answered would be beneficial, as evasion would then be obvious as long as the income could be proved for that year.
I have been told that most small businesses in Taiwan pay no tax. Only businesses that give you the receipts with the lottery numbers on them, those are the only places that pay any tax. The noodle shop down the block doesn’t pay any taxes, except for I’m assuming his personal income tax.
I have been told that most small businesses in Taiwan pay no tax. Only businesses that give you the receipts with the lottery numbers on them, those are the only places that pay any tax. The noodle shop down the block doesn’t pay any taxes, except for I’m assuming his personal income tax.[/quote]
Same in the UK. Leaving VAT aside, a sole proprietor of an unicorporated business will pay income tax on his drawings but not corporation tax.
There’s nothing wrong with that. That’s the way sole proprietorship works in most countries. You pay no taxes as a business, but put your business earnings on your regular personal income tax forms. Actually most small businesses in Taiwan pay no income or sales taxes at all, and the owner doesn’t pay personal taxes on the income either. It seems pretty much accepted too.