As of Friday last week, the Ministry of Finance had received applications from companies and individuals to repatriate NT$44 billion (US$1.5 billion) in overseas funds since a repatriation law took effect on Aug. 15, the Liberty Times (the Taipei Times’ sister newspaper) reported on Saturday, citing an unnamed ministry official.
The amount is expected to reach NT$50 billion by the end of the year, the official said, adding that a larger number of remittances are expected to be made in the first half of next year.
The legislature passed the Act on the Use of and Taxation on Inward Remittances of Overseas Funds (境外資金匯回管理運用及課稅條例) in early July.
The act provides a preferential tax rate of 4 percent in the first year and 5 percent in the second year, if the pledged investment is made on time, as part of government incentives to help Taiwanese individuals and for-profit enterprises rebalance their international investments and encourage them to return to Taiwan.
Accountants have expected a steady increase at the end of this year in applications to repatriate funds, saying that many wealthy individuals and Taiwanese businesspeople tend to make fund management plans before the year end, the Liberty Times reported.
There might be a wave of applications in March and April, and the momentum would likely continue through July or August, the newspaper said.
The ministry has estimated repatriated funds of NT$133.3 billion for the year following promulgation of the law.
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