Taiwan's Ministry of Finance has issued a notice on basic income eligible for an exemption from income basic tax and related deductions for 2021. The income basic tax (IBT) is essentially an alternative minimum tax levied at a rate of 12% for enterprises and 20% for individuals. The notice confirms that the deduction/exemption amounts for the BIT for 2021 are maintained at TWD 500,000 and TWD 6.7 million for enterprises and individuals, respectively. --- Announcement regarding the amounts of basic income eligible for an exemption from income basic tax and related deductions for 2021 The Ministry of Finance made an...