A GUI is issued by the government for use essentially by all business entities in Taiwan. These invoices are strictly controlled by the tax authorities and unused GUIs from the preceding month must be accounted for. When the business buys goods or services in Taiwan, it pays its suppliers VAT with the purchase price. The business must account bimonthly for all VAT it has paid on the purchase of goods and services in Taiwan and all VAT it has collected from its customers, and must pay any excess VAT collected to the tax authorities on or before the 15th day of each odd calendar month. Exchange Controls Taiwan has a comprehensive system of currency controls.
Restrictions apply to voluntary conversions between New Taiwan dollars and foreign currency.
A non-resident individual may convert back into foreign currency up to the amount which was converted into New Taiwan dollars. Trade payments, technology transfer fees and certain other similar payments are not subject to this annual limit. In general, CBC approval may be sought only at the time a conversion is to be made. Prior approvals are almost never given. CBC approval is routinely given for a conversion into New Taiwan dollars of the capital needed to establish a Taiwan subsidiary, with foreign investment approval, or to establish a Taiwan branch.