Taiwan, Italy sign pact to avoid double taxation

Taipei, Feb. 15 (CNA) The Ministry of Foreign Affairs said Monday that Taiwan and Italy have completed an agreement to avoid double taxation and tax evasion.

The Ministry of Foreign Affairs said Monday that Taiwan and Italy have completed an agreement to avoid double taxation and tax evasion.

The ministry said the agreement was wrapped up on Dec. 31, 2015 and took effect on Jan. 1 this year. Italy became the 14th country in Europe to complete a double taxation avoidance agreement with Taiwan.

Italy is Taiwan’s fifth largest trading partner in Europe, behind only Germany, the Netherlands, the United Kingdom and France.

Bilateral trade between Taiwan and Italy totaled around US$4.13 billion in 2014.

The ministry said nearly 60 Taiwanese companies have investments in Italy, and the agreement will help strengthen their operations and tax treatment and increase their willingness to invest.

Taiwan has signed tax agreements with 29 countries, the Ministry of Finance said Monday.

Taiwan’s tax agreements with Japan and Canada are expected to go into effect as early as Jan. 1, 2017 once legal procedures related to the agreements are completed.