At Design Market, we require that all sellers provide accurate financial information to ensure legal transactions and invoicing processes. To set up your financial information, please follow the steps outlined in "How to Set Up Financial Information?"
To ensure compliance with tax regulations, it is important for different types of sellers to be aware of the applicable fees and taxes. For a detailed understanding of these financial considerations, we recommend reading our guide titled: "Design Market Fees and Taxes Explained". Below, we provide an overview of the various financial information options and their meanings, as defined by the Ministry of Finance, ROC:
-
Taiwanese Company: Required Uniform Invoice
- Invoicing tax: 5% of the product price.
- Royalty tax: Exempted.
-
Taiwanese Company: Exempt from Uniform Invoice
- Exemption from the uniform invoice qualification is required.
- Royalty tax: 10% of the withdrawn income if the income withdrawal is over 20,000.
-
Taiwanese Individual: Monthly Sales below NT$80,000
- Exemption from the uniform invoice is granted.
- Royalty tax: 10% of the withdrawn income if the income withdrawal is over 20,000.
-
Taiwanese Individual: Monthly Sales between NT$80,000 to NT$200,000
- Exemption from the uniform invoice is granted, but taxation registration is required.
- Invoice tax: 1% of the product price must be paid.
- Royalty tax: 10% of the withdrawn income if the income withdrawal is over 20,000.
-
Taiwanese Individual: Monthly Sales exceeding NT$200,000
- The National Taxation Bureau decides whether to issue an invoice.
- Royalty tax: 10% of the withdrawn income if the income withdrawal is over 20,000.
-
Offshore Vendor (Individual not residing in the Republic of China or Profit-seeking Enterprise of Non-resident fixed Place of Business): Annual Sales below NT$480,000
- Exemption from the invoice is granted.
- Royalty tax: 20% of the withdrawn income if the income withdrawal is over 5,000.
-
Offshore Vendor (Individual not residing in the Republic of China or Profit-seeking Enterprise of Non-resident fixed Place of Business): Annual Sales exceeding NT$480,000
- Invoicing tax: 5% of the product price when selling to ROC customers. Exemption from the invoice is granted when selling to offshore customers.
- Royalty tax: 20% of the withdrawn income if the income withdrawal is over 5,000.
*Please be aware that all Design Market sellers are responsible for paying an income tax of 5% of the commission fee, in accordance with the withholding regulations established by the Ministry of Finance, ROC.
In conclusion, understanding the financial information options on Design Market is important for both sellers and customers. By providing accurate financial information and following the guidelines, you can ensure a smooth transaction process and avoid any legal issues.
＊If you have any questions or concerns, please don't hesitate to contact Una at una.chang@flux3dp.com