hello guys, hope y’all doing well !
i have a question:
lets say i got a contract with global company out from taiwan and they are agreeing to transfer me the money. but the amount will be approx.150k USD
my question is, will the government in taiwan or the bank company freeze, chase,and ask me where did i get the money ? or i need to proof something?
since my account is never filled with that amount before…usually lower than that.
Please help me,
GBYou all !
Do you mean you will be receiving the money in Taiwan? Will the global company send you the funds to your bank account in Taiwan?
If you are receiving money in a bank account in Taiwan, you are required to explain where the money comes from. And if you indicate that it is income, I believe you are expected to report the income in your next tax filing, and maybe pay taxes on it:
The income tax in Taiwan for individuals is based on a territorial basis. Generally, if the foreign individual is a tax resident, only income derived from activities or work carried out in Taiwan, or income paid from outside of Taiwan but related to Taiwan services, is subject to tax. However, offshore income is subject to another tax regime, generally referred to as alternative minimum tax (AMT), effective since 1 January 2010.
SOURCE: Taiwan - KPMG Global
And this is a link about the AMT from GrantThornton in case you are interested
Can you get paid in an account outside Taiwan instead, and then remit to yourself smaller amounts (NOTE: there is a cost every time you send funds, but if you use a a service like Wise.com the costs can be manageable). Every time you remit yourself money, you will still need to explain the origin/source of the money every time.
This code table from the Central Bank of the Republic of China (i.e., Taiwan) lists reasons for bank inward remittances
This is a similar list from HSBC Taiwan
taiwan_payment_purpose_code_en.pdf (hsbc.com)
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