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The Labor Pension Voluntarily Set Aside by the Insured Persons Shall Not Be Included into the 2021 Annual Taxable Salary Income.

Citizens will be expected to file their 2021 income tax returns since May, 2022. When filing tax returns, all workers who had personal voluntary pension contributions in 2021 should check and reconfirm that the voluntary pension contribution has been deducted in full from the declared salary income of the salary withholding certificate.

The Bureau of Labor Insurance (BLI) indicated that, in accordance with Article 14 of the Labor Pension Act, workers may voluntarily contribute up to 6% of their monthly wage to the labor pension, which will not be included in the taxable annual salary income. For example: The total monthly wage of a worker for 2021 was NTD 45,000, and the total income from salary for the year was NTD 630,000 (including a year-end bonus). If the worker voluntarily contributed NTD32,976 (the contribution level of NTD 45,800 x 6% x 12 months) to the labor pension for that year, the “Total Amount Paid” to be reported in the salary withholding certificate issued by the worker's company would be NTD 597,024(NTD 630,000 - NTD 32,976).

The BLI further pointed out that the voluntary pension contribution deducted from the declared salary income for the year shall not exceed 6% of the maximum monthly contribution wage (NTD 150,000). In other words, the amount deducted from the personal declared salary income for the year is capped at NTD 108,000 (NTD 150,000 x 6% x 12 months). If a worker is simultaneously working for two or more employers and has made personal pension contribution respectively, the maximum deduction per year from the declared salary income shall remain at NTD 108,000.

The BLI also reminded all workers that, on checking the withholding certificates, if the deduction of personal voluntary pension contributions was not made or was incorrect, the worker should inform the business entity to apply for a correction at the local branches or offices of the National Taxation Bureau as soon as possible, thereby avoiding overpayment of taxes.
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Last Update:2022-05-19