The rule change applies to cases where the aggregate income of sources is NT$1 million or more.

Taiwan’s tax authority has told those who are tax residents in the Asian country must report income received from foreign companies for overseas assignments, and must convert the money into New Taiwan dollars.

The moves is part of efforts by policymakers in the country to encourage cross-border remittances.

National Taxation Bureau of Taipei, Ministry of Finance (NTBT) said in a statement that any Taiwan resident who acquired income derived from abroad, including Hong Kong and Macao, and excluded from gross consolidated income, must fill out a tax declaration, unless the aggregate income of the sources is less than NT$1 million ($33,065).