Category: Taiwan
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
Taiwan to join anti-tax evasion program CRS
Taiwan expected to share financial information with Japan and Australia in 2020 TAIPEI (Taiwan News) – Taiwan is expected to exchange financial information with a number of countries in September of next year as part of the Common Reporting Standard (CRS) program designed to combat tax evasion. Developed by the… – Continue reading
Greater Bay Area Releases Detailed Plan on IIT Incentives for Overseas Talents
The Greater Bay Area officially announced detailed rules for the implementation of preferential individual income tax (IIT) policy for overseas talents. Eligible overseas talents working in nine cities in the region can enjoy a preferential tax rate of 15 percent – in line with the Hong Kong IIT rate. China… – Continue reading
Australia establishes agreement with Taiwan on tax and finance transparency
Taiwan implemented ‘Common Reporting Standards’ in 2019, now recognized by Japan and Australia TAIPEI (Taiwan News) – On April 22, the Ministry of Finance (MOF) announced Australia had officially agreed to accept Taiwan as a Common Reporting Standards (CRS) partner nation in matters of financial and legal transparency related to… – Continue reading
RMB deposits held by banks rebound in Taiwan
TAIPEI, April 21 (Xinhua) — Renminbi (RMB) deposits held by banks in Taiwan rebounded to 282.28 billion yuan (42.34 billion U.S. dollars) at the end of March, 880 million yuan more than February, according to data released by the island’s banking authority. The rebound in March snapped a decline streak… – Continue reading
Taiwan removed from EU tax haven greylist
Taipei, March 14 (CNA) The European Union has removed Taiwan from the bloc’s greylist of tax havens, acknowledging the nation’s efforts at implementing anti-tax avoidance measures, Taiwan’s Ministry of Finance (MOF) said Thursday. The MOF vowed to continue to work with governments of other countries in the future and implement… – Continue reading
Taiwan wealth management update
There have been a number of recent legal and regulatory changes in Taiwan that have impact from a wealth management perspective. Tax Rates Changes effective 2018 Effective 1 January 2018, the new tax rates for Taiwan are: Local foundation tax rule tightened Effective 1 January 2018, dividend for local foundations… – Continue reading
AGREEMENT TO AVOID DOUBLE TAXATION ON MACAU AND TAIWAN AVIATION INDUSTRY
The agreement to avoid double taxation on the aviation industry across Macau and Taiwan came into effect in the second week of February. The Chief Executive signed a notice, which was published in the government’s Official Gazette, notifying the implementation of the memorandum. The notice remarks on how the implementation… – Continue reading
Taiwan Seeking US Double Tax Treaty
Taiwanese Premier Lai Ching-Te has directed the Ministry of Finance to work towards a Taiwan-US tax treaty. Speaking at a strategic briefing to the National Development Council on January 4, 2018, Lai noted that the US is one of Taiwan’s most important trading partners. A tax treaty would ensure that… – Continue reading
Taiwan-Czech Republic ink double taxation avoidance pact
An agreement between Taiwan and the Czech Republic on double taxation avoidance and fiscal evasion prevention with respect to taxes on income was concluded Dec. 12 in Prague, setting the stage for increased investment and trade as well as industrial and technological cooperation between the two countries, according to the… – Continue reading
Presidential Office: Tax reform geared for investment, development
Taipei, Sept. 3 (CNA) The Presidential Office has said that the latest tax reform program set forth by the Ministry of Finance (MOF) will strengthen investment, and promote industrial development and competition. Presidential Office spokesman Sidney Lin said recently that the reforms will revolve around three main principles: To ease… – Continue reading
Proposal for tax avoidance bill with HK, Macau moves forward
Members of Taiwan’s executive and legislative branches gave their unanimous support to a proposed bill that would help pave the way for Taiwan to sign double taxation avoidance agreements with Hong Kong and Macau during a policy coordination meeting Nov. 14 in Taipei City. Drafted by the Cabinet-level Mainland Affairs… – Continue reading
Proposal for tax avoidance bill with HK, Macau moves forward
Members of Taiwan’s executive and legislative branches gave their unanimous support to a proposed bill that would help pave the way for Taiwan to sign double taxation avoidance agreements with Hong Kong and Macau during a policy coordination meeting Nov. 14 in Taipei City. Drafted by the Cabinet-level Mainland Affairs… – Continue reading
Poland, Taiwan sign double taxation agreement
Twenty years after starting talks, Poland and Taiwan have signed a double taxation agreement that Warsaw hopes will boost bilateral trade and investment. The deal, signed in the Taiwanese capital, Taipei, means citizens of Taiwan and Poland doing business in both countries will be able to pay taxes only in… – Continue reading
Taiwan-Italy Tax Treaty Takes Effect from 1 January 2016
With an aim to avoiding double taxation, improving the investment environment for Taiwan, and increasing the attractiveness of foreign investment into Taiwan, the Ministry of Finance in recent years has focused on entering into tax treaties with other jurisdictions. Following tax treaties signed with Italy and Austria, Taiwan entered into… – Continue reading
Legislative committee approves anti-tax evasion bill
The legislature’s Finance Committee yesterday approved an anti-tax evasion bill, which, if passed into law, would subject all companies registered overseas to the 17 percent corporate income tax. While supportive of the legislation, the committee voted 7-5 in favor of allowing the Cabinet to set the implementation date to avoid… – Continue reading
The biggest loophole of all
Having launched and led the battle against offshore tax evasion, America is now part of the problem DEVIN NUNES raised eyebrows in 2013 when, as chairman of a congressional working group on tax, he urged reforms that would make America “the largest tax haven in human history”. Though he was… – Continue reading
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… – Continue reading
The Asia Tax Awards are back: Enter now for 2016
The revived Asia Tax Awards will feature categories for companies, firms and individuals. The Asia Tax Awards are back! More than five years after they last took place in November 2010, the Asia Tax Awards will be held once again on Thursday May 5 2016, following the Asia Tax Forum,… – Continue reading
Canada: Taiwan – Canada Tax Arrangement Released
On January 15, 2016, Canada and Taiwan entered into an “Arrangement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income” (the “Arrangement“). The Arrangement will apply to amounts paid or taxation years beginning after January 1 of the year following the… – Continue reading
China: offshore banks’ must reserve more yuan
China’s central bank said on Monday it will start implementing a reserve requirement ratio (RRR) on offshore banks’ domestic deposits, in what appears to be its latest attempt to stem speculation in the yuan and manage money flowing in and out of the country. Confusion over China’s foreign exchange policy… – Continue reading
China to start implementing RRR for offshore banks’ domestic deposits
China’s central bank said on Monday it will start implementing a reserve requirement ratio (RRR) on offshore banks’ domestic deposits, in what appears to be its latest attempt to stem speculation in the yuan and manage money flowing in and out of the country. Confusion over China’s foreign exchange policy… – Continue reading
Taiwan, Canada ink double taxation avoidance pact
A double taxation avoidance agreement between Taiwan and Canada was concluded Jan. 15 in Taipei City, paving the way for expanded exchanges in clean energy, health care, sustainable development, services and technology. Set to take effect Jan. 1, 2017, the pact prevents the levying of tax by both sides on… – Continue reading
Taiwan, Canada sign agreement on avoidance of double taxation
Taipei, Jan. 15 (CNA) Taiwan and Canada have signed an agreement to prevent the taxation of the same income twice in the two countries, the Ministry of Foreign Affairs said Friday. The signing was completed earlier in the day and will likely take effect on Jan. 1, 2017 after the… – Continue reading
China winning offshore yuan battle, but may be losing the war
HONG KONG: In the space of about five years, the offshore market in Chinese yuan has gone from the poster child of Beijing’s financial market liberalisation to a battleground to regain control of the currency, spooking investors and raising questions about the future of the market. While investor appetite for… – Continue reading
FATCA List – January 1, 2016
Christmas Island has timely picked the festive holiday to join the Internal Revenue Service (IRS) list of Foreign Account Tax Compliance Act (FATCA) jurisdictions. The small Indian Ocean outpost has a single financial institution reporting to the IRS. Interestingly, the FATCA list of financial centres now exceeds the United Nations… – Continue reading
President optimistic about future for Taiwan’s next generation
Taipei, Jan. 6 (CNA) President Ma Ying-jeou (馬英九) lauded his administration’s efforts to improve the country’s development and expressed optimism Wednesday about the future for Taiwan’s next generation, citing a recent survey that found Taiwan the most optimistic about the future among other Asian nations. If peace and prosperity in… – Continue reading
A Tax Agreement is Signed Between Taiwan and Japan
Japan, Taiwan January 4 2016 After many years of discussion and negotiation, Taiwan’s Association of East Asian Relation and Japan’s Interchange Association finally signed 「THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVAION WITH RESPECT TO TAXES ON INCOME」(the “DTA”) in Tokyo on 26 November 2015. For the… – Continue reading
Foreign-invested footwear manufacturers show their power
Footwear is one of the industries with high export turnover. However, the profitable industry is being controlled by companies from South Korea and Taiwan. According to the Vietnam Leather & Footwear Association (Lefaso), with 800 enterprises and 1 million workers, FIEs account for one-fourth of total number of footwear makers,… – Continue reading
Taiwan, Macau to sign double aviation taxation avoidance agreement
Taipei, Dec. 9 (CNA) Taiwan and Macau are scheduled to sign an agreement Thursday to avoid double taxation on aviation business, according to Taiwan’s Mainland Affairs Council (MAC). The negotiations were concluded recently and the two sides will sign the agreement in Macau, the MAC said in a statement Wednesday…. – Continue reading
GLOBAL TAXPAYERS CAN EXPECT TO PAY MORE TAX IN THE YEARS AHEAD
Global taxpayers can expect to pay more tax in the years ahead. Many governments worldwide continue to update their tax legislation and expand their tax systems to repay debt and pay for increased social welfare, even as the memory of the last global financial crisis lingers. These are the conclusions… – Continue reading
Japan, Taiwan to sign tax treaty
TAIPEI — Japan and Taiwan will sign a bilateral tax treaty aimed at improving the flow of people and investment between the two economies, sources familiar with the matter said on Wednesday. The treaty will reduce or eliminate taxes on dividends repatriated from companies’ overseas branches and help avoid issues… – Continue reading
East West Bank falls short on preventing money laundering, Fed warns
Pasadena’s East West Bank must beef up its efforts to prevent money laundering after federal regulators said its practices were not sufficient. The bank, which has operations in the United States, Hong Kong, China and Taiwan, was ordered by the Federal Reserve on Thursday to correct problems with its anti-money-laundering… – Continue reading
Tax system slow to adapt to digital economy’s rise
LOST REVENUE:A lack of regulations on taxing cross-border Web-based content and services providers puts their local peers at a disadvantage, Ernst & Young said The nation’s tax system is relatively behind developed markets in adapting to the proliferation of the digital economy, which has resulted in lost revenues for the… – Continue reading
Trust company ‘ready to move on’ from controversy
The founder of a Singapore-based trust company that came under fire in 2013 for data breaches and allegations of aiding tax evasion said it is “time to move on”. Mr David Chong said his Portcullis TrustNet, which has since been renamed Portcullis Group, is busy planning for the future after… – Continue reading
Banks’ earnings growth slowing
The earnings momentum of Taiwanese banks has tapered off this year due to China’s slowing economy and yuan devaluation, CIMB Securities Ltd said on Tuesday. Overseas earnings, which drive 35 percent of local banks’ pretax profits, might not see a hefty increase this year as in previous years, as banks… – Continue reading
Ireland’s Finance Bill 2015 – key changes for international companies and financial institutions
Following the recent Irish budget statement (the “Budget”), the Finance Bill 2015 (the “Bill”) has been published and it implements the changes announced by the Irish Minister for Finance (the “Minister”). The Bill includes additional detail on: the new knowledge development box (“KDB”); and Ireland’s implementation of country by country… – Continue reading
Taiwan and Mainland China signed a Cross-Straits Income Tax Agreement
Taiwan and Mainland China signed the “Cross-straits Agreements for the Avoidance of Double Taxation on Income and Solidifying Cooperation with respect to Taxes” (hereinafter referred to as “Cross-straits ITA”) on 25 August 2015. After the draft Article 25-2 of the “Act Governing Relations between the People of the Taiwan Area… – Continue reading
Taiwan, Japan make progress on negotiating tax agreement
Taipei, Oct. 22 (CNA) Taiwan and Japan have made progress on negotiating a double taxation avoidance agreement, and are expected to sign more bilateral economic and trade-related pacts in the next few months, a Taiwanese foreign affairs official said Thursday. “The two sides have continued to negotiate the agreement on… – Continue reading
Markets retain early gains amid a range bound trade
Indian equity markets retaining their early gains were trading in a range in early noon session, on value buying activities by market-participants. Sentiment got boost with the statement of finance ministry that the country will grow by 7.5 per cent in the current fiscal, slightly higher than international rating agency… – Continue reading
HOUSING A TAX DODGE IN RICHMOND AND VANCOUVER
Some might be surprised to learn that certain areas of Richmond and Vancouver, despite being thoroughly decorated with mcmansions, monster homes, and incessantly rising land prices, are actually inhabited by low income residents that make up a surprising per cent of the population. Conservative Party leader Stephen Harper, during a… – Continue reading
Yuan deposits in local banks fall again
AUGUST DECLINE:Deposits at banks’ offshore banking units plunged 7.3 percent to 49.79 billion yuan and fell 2 percent to 277.15 billion yuan at domestic banking units Yuan deposits at Taiwanese banks fell 2.88 percent to 326.94 billion yuan (US$51.29 billion) last month from July, as the Chinese currency’s widening volatility… – Continue reading
KMT to push cross-strait taxation pact in new legislative session
Taipei, Sept. 14 (CNA) The Kuomintang (KMT) government will be prioritizing passage of a cross-strait agreement on double taxation avoidance as well as bills on the budget, government restructuring and an all-volunteer military in the fall legislative session that opens Tuesday, Premier Mao Chi-kuo (毛治國) said Monday. Mao said the… – Continue reading
Apple China Ordered To Pay $10 Million Fine For Tax Evasion
Apple’s CEO Tim Cook announced on Wednesday, Sept.9, that the famed brand’s revenue significantly increased in China by up to 75 percent in the past year. However, the country’s finance authorities cut the celebration short. China’s Ministry of Finance demanded Apple to pay 452 million yuan, a price equivalent to… – Continue reading
Agreement between Mainland China and Taiwan to avoid double taxation on income
On August 25, 2015, the People’s Republic of China and Taiwan signed an Agreement for the Avoidance of Double Taxation regarding Taxes on Income (“the DTA”), which will enter into force when the legal procedures have been completed. The DTA’s highlights: 1. Permanent establishment (“PE”) specifications The DTA establishes a… – Continue reading
