As the time for filing taxes comes around once again, here are some general reminders to avoid mistakes and penalties.
Video script:
May 1 marks the start of tax filing in Taiwan and the Finance Ministry has already announced the time frame when tax refunds will be made available.
The first batch of refunds will be remitted as early as July 31. However, this only applies to individuals who file their taxes online through mobile phones. Tax assessment forms must also be sent to the local tax authorities by May 10.
The second batch will be issued on October 31 for those filing manually or using QR codes, with tax assessment forms submitted by May 10 for those filing outside their registered residence. Submissions made directly with local tax authorities after May 11 will also be accepted.
The last batch of refunds, for late filers, will be made on January 20.
Individuals are generally advised to opt for the refunds to be directly deposited into their accounts.
Experts remind the public to be careful of the following pitfalls to avoid possible penalties when filing one’s income tax:
- Incorrectly claiming tax allowances
- Deleting or changing information when filing a return
- Omitting income and claiming deductions that are not allowed
- Failing to upload related information when filing online
Many of us usually find this whole process quite taxing but as they say two things in life are inevitable: death and taxes. At least death only happens once.