Taiwan: Non-recognition of losses for failure to submit proper financial statements for CFCs
Affects eligibility for loss deductions over the past 10 years
The National Taxation Bureau of the Southern Area, Ministry of Finance issued a reminder that profit-seeking enterprises must submit proper financial statements or supporting documents by the annual tax return deadline, with a possible six-month extension, when declaring controlled foreign company (CFC) losses.
Failure to comply will result in the non-recognition of losses under the CFC rules, affecting eligibility for loss deductions over the past 10 years.
For more information, contact a KPMG tax professional in Taiwan:
Vincent Lin | vincentlin@kpmg.com.tw