Holders of China-based UnionPay (銀聯) credit cards are to be able to file for value-added tax refunds (VAT) in select department stores in Taipei and Kaohsiung starting on Tuesday, the Ministry of Finance said yesterday.
The move to allow UnionPay cardholders to get VAT refunds in the two cities is expected to encourage Chinese tourists to spend more after getting cash back, the ministry said.
Currently, only holders of Visa, Master and JCB credit cards are eligible to file for VAT refunds in the Taipei 101 shopping center, the Zhongxiao branch of Pacific Sogo Department Store (太平洋崇光百貨), the A8 branch of Shin Kong Mitsukoshi Department Store Co (新光三越百貨) in Taipei and Hanshin Department Store (漢神百貨) in Kaohsiung.
Following criticism that excluding UnionPay cardholders from the service was not fair to Chinese visitors, the ministry said it agreed to change its policy to encourage Chinese tourists to spend more and boost the nation’s tourism income.
UnionPay, a financial services corporation headquartered in Shanghai, is the largest credit-card issuer in China. At present, its cardholders can only file for VAT refunds on their way out of the country.
The decision to lift the ban on VAT refunds for UnionPay card holders in the four department stores followed moves by several other countries to allow UnionPay card holders to get tax refunds in their downtown areas.
Such services are now available in the UK, France, South Korea, Italy and Denmark, the ministry said.
When UnionPay credit cardholders get VAT refunds in cash in the four department stores, they are to be asked to give a credit card guarantee for the same amount, the ministry said.
If the Customs Administration confirms that the UnionPay cardholders have taken the tax-free goods with them when they left Taiwan, the credit card guarantees for the refunds are to be canceled, it said.
Taiwan has been making an effort to streamline the VAT refund mechanism to improve the local tourism environment.
In addition to the VAT refunds in downtown areas in Taipei and Kaohsiung, the customs agency has introduced automated machines designed to issue VAT refunds to foreign visitors at 10 airports and eight seaports in the nation.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
BIG BUCKS: Chairman Wei is expected to receive NT$34.12 million on a proposed NT$5 cash dividend plan, while the National Development Fund would get NT$8.27 billion Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s largest contract chipmaker, yesterday announced that its board of directors approved US$15.25 billion in capital appropriations for long-term expansion to meet growing demand. The funds are to be used for installing advanced technology and packaging capacity, expanding mature and specialty technology, and constructing fabs with facility systems, TSMC said in a statement. The board also approved a proposal to distribute a NT$5 cash dividend per share, based on first-quarter earnings per share of NT$13.94, it said. That surpasses the NT$4.50 dividend for the fourth quarter of last year. TSMC has said that while it is eager
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary