TechFlow News, on November 18, according to CNA, Taiwan's Minister of Finance Chuang Tsui-yun stated at the Legislative Yuan's Finance Committee that gains from cryptocurrency transactions will be subject to income tax in accordance with the law, and further discussion on audit methods will be conducted. Commissioner of the National Taxation Bureau, Song Hsiu-ling, pledged to propose relevant measures for taxing cryptocurrency trading gains within three months.
According to Wu Lien-ying, Director of Taipei's National Taxation Bureau, 26 virtual asset businesses that have completed anti-money laundering compliance declarations have already registered for tax purposes in Taiwan and are paying business taxes and corporate income taxes. Song emphasized that cryptocurrencies are classified as digital assets rather than currency, and related transaction gains will be taxed under property transaction income rules.
Currently, Taiwan applies a "territorial principle" for taxing cryptocurrency. Individuals must include non-regular virtual asset trading gains made within Taiwan into their comprehensive income total for taxation purposes, and any transaction losses may be claimed as special deductions.
