What and How Much are the Various Tax Exemptions?

Legal Taxes
1

Where can I find details of what allowances and/or exemptions are available under Taiwanese income tax law ? I notice ironlady wrote this here:

[quote=“ironlady”]Everyone – don’t forget that if you have any aged parents (over 60), you can deduct them so long as you can offer the following proofs:

  1. Proof of relationship (first time you deduct only) – i.e., birth certificate.
  2. Proof that parent(s) is/are still alive during the tax year (they prefer a medical bill from some government source, like Medicare, if possible, but anything will do.)
  3. Proof that you have “sent the parents money” (this can be ANY amount, even if you normally just send your own money to their account so they can deposit it somewhere else for you that’s OK.) Just have a receipt for a transfer ready and presto, you can deduct the cost of maintaining your dear parent(s) (also works for underaged siblings who are still students and/or handicapped family members).

And – best of all – when the darlings hit 70, you get an even bigger deduction. :laughing:[/quote]

How much is this worth ? How much is the married allowance worth ?

2

Hexuan

The normal allowance for parents is 74,000 per person, but this rises to 111,000 NT once they attain 70 years of age. However, whilst for claims where parents are over 70, proof of them still living is required, there is no need to provide proof of payment, over the last four years i have never been asked.

With regard to a site that lists all of the avaialble allowances, i am not aware of any, other than the official sites form the MOF which are in chinese.

Items such as Rent, Medical bills, Mortgage Interest, different types of Insurance premiums are all allowable items, but if for any one individuals they total less than the standard allowance of 75,000 NT then they are not worth claiming.

It is also worth noting that OVERTIME is non taxable, not sure of the logic, but who cares, and that interest earned form money in the bank is also non taxable up to a limit, currently 270,000 NT. As a foreignor, they will deduct the with-holding tax on the interest but that can be used as a credit when calculating the tax return itself.

Hope this all helps.