I’m a new user to this forum, and I was wondering if I should pay taxes on online winnings from binary options and forex as they are from companies not in Taiwan.
Some additional information to clarify my situation; I moved to Taiwan at the end of last year (2019) using the 90 days visa exempt scheme, and my only source of income are online winnings from companies not located in Taiwan.
So I guess my real question here is, do I need to pay taxes? Normally I would say of course, but since it’s binary options and forex which is categorized as gambling in so many countries, I’m not really sure what to think. Any help much appreciated
Are you asking because your funds are being transferred into a local bank account and you are being asked to explain the source of the funds? i.e., whether it is income?
Are these (online, offshore, non-Taiwan) winnings somehow reported to Taiwan’s government? I think that would be the same answer to your question
No one has asked my any questions yet, I’m just trying to be as legit as possible and file taxes if needed. But that’s the thing… Since it’s online winnings and not exactly a ‘salary’, do I need to?
Are you sure you “won” on Binary Options? Did the funds hit your account?
I’m not sure about this thing but as I know even Local’s with offshore banks are being traced to pay taxes.
Yes, the funds are in my account in Taiwan I opened when I was a student in Taiwan 10+ years ago. I’ve only been “really” living here since the end of last year.
Now please stay on topic here. I’m inquiring to whether or not I need to pay taxes of the winnings, nothing else please.
If you are a tax resident of Taiwan and have sourced this cash from off shore there is a fairly hefty exclusion. I believe its 5 million NTD.
Thank you for reply, do you happen to know where I can check this information? Like a website or something?
And I might be a bit of a greenhorn here, but what do you mean by 5 million NTD exclusion? I’m not quite sure I understand
US Citizen here planning to move to Taiwan. I have been told by that there is a tax on income received from outside Taiwan if over 6.7M NTD per year. I do fall into this category as I have a US business S-Corp that generates more than that amount per year. I was told by an associate in Taiwan, to just not report it, but I feel uncomfortable with that, since I file a US Tax Return every year and if I was ever asked by tax authorities in Taiwan to furnish that it would be kind of hard to s…
Pardon me, it’s ~6 million NTD.
What this means is that the first ~6 million NTD of income sourced from overseas is tax free, the rest is taxed at 20%.
Thank you very much for your help, I will look through this information
…and you need to declare it at 1 million, even if it is not taxed.