Israel yesterday took the first step in signing a taxation pact with Taiwan aimed at avoiding double taxation and preventing tax evasion.
The Israel Economic and Cultural Office (ISECO) in Taipei signed the agreement at a ceremony presided over by Minister of Finance Lee Sush-der (李述德) yesterday. The pact will be signed by the Taipei Economic and Cultural Office in Tel Aviv on Thursday and take effect on Jan. 1.
“In the past year, around US$1 billion was traded between the two sides, with US$500 million in exports and US$500 in imports, so it is a very close relationship,” Lee said during the signing ceremony.
“This is definitely a milestone in our relationship,” ISECO representative Raphael Gamzou said.
The finance ministry said in a statement that the Taiwan-Israel taxation pact would be the nation’s 17th comprehensive income tax agreement with another country.
Lin Jinn-jong (林進忠), director-general of the Department of West Asian Affairs at the Ministry of Foreign Affairs, said Taiwan is Israel’s fifth-largest trade partner in Asia.
“Our investment in the Israeli high-tech industry has exceeded US$10 million,” Lin said.
The agreement with Israel was signed in the run-up to cross-strait talks scheduled for next week, during which a taxation agreement with China is expected to be signed.
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