Q：
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What kinds of accounting books shall be maintained for profit-seeking enterprises in Taiwan?
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A：
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For profit-seeking enterprises which comply with Business Entity Accounting Act, the accounting books shall be maintained as the following prescribed regulations:
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The required accounting books for merchandising-sector industries are daily events journals, general ledgers, inventory ledgers and other necessary subsidiary books.
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The required accounting books for manufacturing industries are daily events journals, general ledgers, materials or ingredient ledgers, goods-in-process subsidiary ledgers, finished goods ledgers, daily production reports and other necessary subsidiary books.
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The required accounting books for construction industries are daily events journals, general ledgers, construction-in-progress ledgers, daily construction reports and other necessary subsidiary books.
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The required accounting books for labor service industries or others are daily events journals, general ledgers, operating volume records and other necessary subsidiary books.
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Q：
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What type of accounting basis shall be applied to accounting affairs for profit-seeking enterprises in Taiwan?
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A：
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The accounting system of a company shall be on the accrual basis. But a profit-seeking enterprise not organized as a company may, if there is an established custom of the business or if the volume of business is small report to the local collect authority-in-charge for adoption of accounting system on the cash basis. Besides, despite the account system for profit-seeking enterprises which is not organized as a company being changeable, the profit-seeking enterprise shall submit such request of change to the revenue service office from 3 months by the end of fiscal year. The definition of abovementioned “Accrual Basis” means the income receivable or expense payable for profit-seeking enterprises shall be stated clearly in the accounting books upon the payment paid or received. As the close of business year, the whole amount of income and expenses shall be adjusted and categorized in each vesting year. “Cash Basis” means the income receivable or expense payable for profit-seeking enterprises shall be stated clearly in the accounting books upon the payment paid and received initially.
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Q：
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When to add the accounting item into accounting books for profit-seeking enterprises in Taiwan?
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A：
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Regarding the maintained accounting books for profit-seeking enterprises, accounting events must be recorded in accordance with the sequence of occurrence on a daily basis no later than two months after such occurrence. The stipulated timeframe as the last paragraph shall be initiated from the next day of the occurrence of accounting item as stated on the proof of occurrence. For the accounting items of other fixed business premises, the initiated date shall be complied with the date on the statement or proof of other fixed business places delivered to such places to calculate.
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Q：
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What the punishment would be faced for failure to maintain the accounting books by the prescribed regulations for profit-seeking enterprises in Taiwan?
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A：
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Profit-seeking enterprises which fails to maintain the accounting books in accordance with “Regulations Governing the Accounting Books and Vouchers of Profit-seeking Enterprises Managed by the Competent Tax Authorities” shall be imposed with a fine of not less than NT$ 5,000 but not more than NT$ 7,500 and notified to maintain or state by the prescribed regulations within one month. As the stipulated timeframe expired, such profit-seeking enterprise which still ignores or fails to maintain or state by the prescribed regulations shall be imposed with a fine of not less than NT$ 7,500 but not more than NT$ 15,000 and notified to maintain or state by the prescribed regulations within one month again. If such profit-seeking enterprise still ignore the notification to maintain or state by the prescribed regulations, such profit-seeking enterprise shall be ceased the operation of business till the accounting books be maintained or stated by the prescribed regulations. In the circumstance of failure to proceed as the stipulated timeframe for profit-seeking enterprises, the revenue service office will refer to the required information in accordance with the article 83rd in Income Tax Act.
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Q：
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Is it necessary to submit the application of registration of stamp before the compilation of accounting books for profit-seeking enterprises in Taiwan?
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A：
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According to the revised Regulations Governing the Accounting Books and Vouchers of Profit-seeking Enterprises Managed by the Competent Tax Authorities, the original article 10th and 15th about the necessity of registration of stamp for accounting books were removed, so the accounting books in no longer required to be registered the stamp before compilation.
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