Switch to IFRS won’t come with higher taxes, says MOF

The China Post
Date: December 2, 2015
By Enru Lin

TAIPEI, Taiwan — All profit-seeking enterprises in Taiwan must prepare their financial

Minister of Finance Chang Sheng-ford, center, is shown at a forum for accountants in Taipei, yesterday. From Jan. 1, all businesses in Taiwan must prepare income statements using the International Financial Reporting Standards as endorsed by the Financial Supervisory Commission.

Minister of Finance Chang Sheng-ford, center, is shown at a forum for accountants in Taipei, yesterday. From Jan. 1, all businesses in Taiwan must prepare income statements using the International Financial Reporting Standards as endorsed by the Financial Supervisory Commission.

statements using the International Financial Reporting Standards (IFRS) starting Jan. 1. The Finance Ministry said the switch would not come with higher taxes.

Taxation for profit-seeking enterprises will remain unchanged after the transition to IFRS on Jan. 1, 2016, Finance Minister Chang Sheng-ford (張盛和) said Tuesday.

“Before and after (IFRS), income should not change and the tax burden also will not be affected,” Chang said yesterday.

The Finance Minister was speaking at a forum on the IFRS for certified accountants.

Full Adoption

Since 2013, the Financial Supervisory Commission (FSC) has required Taiwan’s listed companies and financial institutions to report income statements using IFRS.     [FULL  STORY]

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