The G20 industrialized nations’ recent pledge to clamp down on tax havens provided Taiwan with an opportunity to develop into a regional asset management center, Financial Supervisory Commission (FSC) Chairman Sean Chen (陳冲) said yesterday.
Early this month, G20 leaders said they would take action against so-called tax havens, including the British Virgin Islands, Cayman Islands and Gibraltar.
The top financial regulator said the government could take advantage of the G20 effort and turn the country into a regional asset management hub through tax preferences and other policy reforms.
Chen floated the idea of setting up “special accounts” under which funds wired from abroad to be managed by local financial institutions would be exempt from inheritance taxes.
“The government has sought to turn Taiwan into an asset management haven in the region,” Chen said in a speech. “The idea has met with political and economic difficulties. The G20 consensus provided an incentive for the pursuit.”
The government has promised to crack down on tax evasion and recently set the inheritance tax at a flat 10 percent from a range of 2 percent to 50 percent based on the amounts inherited, Chen said.
The FSC chief said he would have to talk to the Ministry of Finance about the special account proposal because it involved taxation.
Chen also said the government should cut income taxes further to induce capital inflows and help invigorate economic activity.
Chen said tax havens were a concern to other countries because of the continuous outflow of capital.
Countries like the US, the UK and Germany have drawn up measures to facilitate capital repatriation, the FSC head said, adding that the government could learn from them.
Chen said lower borrowing costs and greater trade freedom for regional and global operational headquarters could make the nation an asset management hub.
He declined to comment on when the country would sign a financial memorandum of understanding with China, saying the upcoming cross-strait talks would only address a financial cooperation framework.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday said its materials management head, Vanessa Lee (李文如), had tendered her resignation for personal reasons. The personnel adjustment takes effect tomorrow, TSMC said in a statement. The latest development came one month after Lee reportedly took leave from the middle of last month. Cliff Hou (侯永清), senior vice president and deputy cochief operating officer, is to concurrently take on the role of head of the materials management division, which has been under his supervision, TSMC said. Lee, who joined TSMC in 2022, was appointed senior director of materials management and
Nvidia Corp CEO Jensen Huang (黃仁勳) on Thursday met with US President Donald Trump at the White House, days before a planned trip to China by the head of the world’s most valuable chipmaker, people familiar with the matter said. Details of what the two men discussed were not immediately available, and the people familiar with the meeting declined to elaborate on the agenda. Spokespeople for the White House had no immediate comment. Nvidia declined to comment. Nvidia’s CEO has been vocal about the need for US companies to access the world’s largest semiconductor market and is a frequent visitor to China.
Hypermarket chain Carrefour Taiwan and upscale supermarket chain Mia C’bon on Saturday announced the suspension of their partnership with Jkopay Co (街口支付), one of Taiwan’s largest digital payment providers, amid a lawsuit involving its parent company. Carrefour and Mia C’bon said they would notify customers once Jkopay services are reinstated. The two retailers joined an array of other firms in suspending their partnerships with Jkopay. On Friday night, popular beverage chain TP Tea (茶湯會) also suspended its use of the platform, urging customers to opt for alternative payment methods. Another drinks brand, Guiji (龜記), on Friday said that it is up to individual
STABLE RESULTS: Despite June’s lower consolidated revenue, second-quarter sales still reached a record high, driven by demand for chips for AI applications Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday reported consolidated sales of NT$263.71 billion (US$9.02 billion) for last month, its second-lowest monthly result this year. The world’s largest contract chipmaker said in a statement that its revenue last month only fared better than the NT$260.01 billion posted in February. Last month’s figure rose 26.9 percent from a year earlier, but slumped 17.7 percent from May, the company said. However, second-quarter revenue reached NT$933.8 billion, a record high for a single quarter, company data showed. The figure represented growth of 11.26 percent from the first quarter and 38.6 percent from a year earlier. Previously, TSMC said that
RSS