Don't let the Banks and Government take more of your money than they should.
If you open a bank account, your withholding tax rate is 10% if you have been in Taiwan
for more than 180 days in the year. Under 180 days, rate is 20%.
The Bank will NOT automatically lower your rate from 20% to 10% after 180 days. You
must go to the bank and have them adjust the rate. You prove your length of stay by showing
your passport.
If you have been in Taiwan already for 180 days in a year, for any reason - travel - work - drinking...,
then you open a bank account for the first time, you, by LAW, must have the lower 10% rate withholding.
The bank workers will automatically set your tax withholding at 20% unless you fight for
the lower rate.
If you have been in Taiwan for over 180 days, DO NOT take NO for an answer. Have the branch
call the main office to learn the law in Taiwan.
I opened an account at China Trust. They told me all foreigners pay 20% then when you close
your account they will refund you 10% interest. So I left China Trust and went to
Shang Hi Bank where they seem to follow the law and set my interest withholding rate at 10% which it
should be.