Taiwan: Guidance on reporting CFC losses
Profit-seeking enterprises must submit CFC financial statements and supporting documents within the tax filing deadline to qualify for a 10-year loss deduction.
The National Taxation Bureau of Taipei, Ministry of Finance, issued guidance on reporting controlled foreign corporation (CFC) losses.
Profit-seeking enterprises must submit CFC financial statements and supporting documents within the income tax filing deadline for losses to qualify for deduction over the subsequent 10 years. Enterprises unable to meet the deadline may apply for a one-time extension of up to six months. Failure to comply with the requirements will result in ineligibility to deduct assessed losses.
For more information, contact a KPMG tax professional in Taiwan:
Vincent Lin | vincentlin@kpmg.com.tw