The major amendments to the Value-Added and Non-Value-Added Business Tax Act promulgated on June 4, 2014 include: (1) The business tax rate on the sales of banks and insurance companies is increased from 2% to 5%; and (2) Foreign financial institutions without a fixed place of business in Taiwan shall be subject to the same business tax rate as domestic financial institutions when selling services in Taiwan. Such business tax shall be paid by the purchaser of services.