The government has relaxed the interpretation of tax concessions stipulated in the Act for the Recruitment and Employment of Foreign Professionals (外國專業人才延攬及僱用法) to assuage concerns over its application.
Since the act came into effect on Feb. 8 last year, the tax concessions provided for foreign talent have drawn the attention of foreign chambers of commerce, domestic enterprises and foreign professionals in the country, the National Development Council said in a statement on Tuesday last week.
“In view of the doubts concerning the scope of application of the tax concession, the council has coordinated with the Ministry of Finance to provide a more flexible interpretation of the scope and mechanism under the provisions of the act” for those taking up professional jobs for the first time in Taiwan, the statement said.
Under the more lenient interpretation, tax concessions are not only limited to foreign professionals who received their first employment contract on or after Feb. 8 last year, but are available to those who received their first contract before then.
However, those entitled to the preferential tax treatment must be recognized as a “foreign special professional” or be an Employment Gold Card holder.
“Foreign special professional” refers to a foreign professional who possesses special expertise needed by Taiwan in science and technology, economics, education, culture, the arts, sports or other fields, as arbitrated by the authorities.
As a four-in-one pass comprising a work permit, resident visa, Alien Resident Certificate and a re-entry permit, the Employment Gold Card has several benefits, including preferential tax treatment.
From Feb. 2 last year to Nov. 12, 481 such cards have been issued, council data showed.
The act allows for relaxed visa, employment and residency regulations for foreign professionals, and improves their treatment in the areas of insurance, tax and retirement benefits, according to the council.
In terms of tax concessions, once a person’s annual salary surpasses NT$3 million (US$98,306), half of the outstanding amount above that level is exempt from income tax, which the council touted as a great benefit.
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