Low tax rate countries listed by Minister of Finance, updated in year of 2024
The Controlled Foreign Company for individual as well as for business, both known as CFC, was implemented and is now in effect since the beginning of year 2023. The earnings that kept in the bank accounts of the offshore entities registered in the low tax rate country (tax heaven defined by the Minister of Finance of Taiwan) and that were not taxable until they were repatriated are now taxable, even though they are earned but not yet repatriated.
What the new CFC law means to the business entity registered in Taiwan is that if they have business in other countries, they would be advised to examine their business activities in those jurisdictions to be exempted from the CFC laws.