Taiwan, Canada agree on double taxation avoidance
Taipei, May 2 (CNA) Taiwan has reached an agreement with Canada on the avoidance of double taxation at an annual bilateral economic consultation, the Ministry of Economic Affairs (MOEA) said Saturday.
The double taxation avoidance pact, which will be signed very soon, will be favorable to Taiwan businesses because it will prevent investors from being taxed in more than once on the same income, the ministry said.
Each year, there are more than 10,000 double taxation disputes involving Taiwanese businesses operating in Canada, according to the ministry.
MOEA statistics show that Taiwanese investment in Canada has reached approximately US$400 million, while Canadian investment in Taiwan has totaled more than US$500 million. Canada is currently Taiwan’s second-largest trade partner in the Americas.
The 11th Canada-Taiwan Bilateral Economic Consultation was held Friday in Ottawa. It was led by Taiwan’s Deputy Minister of Economic Affairs Cho Shih-chao and Susan Gregson, assistant deputy minister for Asian affairs at Canada’s Department of Foreign Affairs, Trade and Development.
Besides the avoidance of double taxation, the two sides also discussed ways to strengthen bilateral economic cooperation in areas such as trade facilitation, small and medium-sized businesses, medical equipment trade, and the development of 5G and fuel cell technologies.
