Taiwan : Income Tax Act revised

In response to the coming expiration of the Statute for Upgrading Industries, revisions to the Income Tax Act (ITA) were finally passed by the Legislative Yuan on May 1, 2009. Significant changes include reducing the corporate income tax rate, the ability of the tax authority to impute interest income on a loan where the interest rate is deemed unreasonably low, amendments to reduce the disparity between certain tax and financial accounting treatments, and extension of the period for which losses can be carried forward.