Taiwan Company should Declares Correct Income Many companies thought that underreporting the income of the company will not have a penalty as they do not generate taxable income. Actually, according to the regulation of Income Tax Act, where a profit-seeking enterprise, due to tax exemption provided under the incentive statute or because of the business deficit, shall not have a taxable income even though the amount of income omitted or under-reported is added to it, a fine shall be imposed separately at prescribed times according to the preceding two paragraphs on the taxable omission and under-reporting of income calculated at the profit-seeking enterprise income tax rate applicable in the current year. The amount of the fine, however, shall not exceed TWD 90,000 or be less than TWD 4,500. For example, Company A file a profit-seeking enterprise income tax return for the year 2018, the loss of the company […]