Italy passes bill on double taxation avoidance with Taiwan

Rome, April 16 (CNA) Italy’s Chamber of Deputies passed legislation Wednesday aimed at avoiding double taxation with Taiwan.

It is the first time Italy’s parliament has passed legislation related to relations with Taiwan.

The bill gained the support of the center-left Democratic Party, the largest party in the Chamber of Deputies, as well as other center-right opposition parties.

Stanley Kao, Taiwan’s representative to Italy, said that due to the increase in bilateral trade between Taiwan and Italy in recent years, small and medium-sized businesses on both sides are eager to see the passage of legislation on the avoidance of double taxation.

He said the legislation is expected to inject new impetus into Taiwan-Italy economic relations.

Official figures show that Italy is Taiwan’s fourth largest trading partner in Europe, with bilateral trade amounting to US$4.12 in 2014. Italy enjoyed a trade surplus of US$320 million with Taiwan last year.