Taiwan and South Korea have signed an agreement to prevent double taxation, the Ministry of Foreign Affairs said yesterday, adding that the government is also seeking trade pacts with Australia and India.
The government has been promoting the deal with Seoul since 2014 and it was signed on Nov. 17, Department of East Asian and Pacific Affairs Director-General Wallace Chow (周民淦) told a news briefing in Taipei.
The Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income was signed by the Seoul-based Taipei Mission in Korea and the Korean Mission in Taipei, the Ministry of Finance said in a news release.
It would help reduce the tax burden for people and enterprises on both sides, provide a mechanism for dispute resolution and enhance other areas of tax cooperation, the finance ministry said.
Despite the impact of the COVID-19 pandemic, bilateral trade revenue last year reached a new high of US$35.74 billion, Chow said, adding that Taiwan and South Korea are each other’s fifth-largest trading partners.
The two nations are also the third-largest sources of tourists for each other, he said.
In 2019, prior to the pandemic, mutual visits totaled 2.45 million people, the sixth consecutive year of growth, he said.
Asked if there is any progress negotiating a Taiwan-India free-trade agreement, Chow said that the government continues to push for a deal.
If an agreement can be signed, both sides would benefit from a reduction in non-tariff barriers, he said.
Taiwan and India would complement each other with their trade and investment structures, while India imports from Taiwan a lot of material and components to assemble products, he said.
Taiwan can help India upgrade its manufacturing and tech industries, and boost its product positions in global value chains, Chow said, adding that many Taiwanese high-tech firms are considering expanding their investments in India.
Meanwhile, the government hopes to sign an economic cooperation agreement with Australia, Chow said in response to media queries.
The Taiwan-Australia trade volume has been growing 10 percent annually for the past five years, reaching A$14.7 billion (US$10.49 billion) last year, while both sides work close together on trade, clean energy, technology, cybersecurity, culture, education and biotechnology, he said.
In the post-pandemic era, many countries are rebuilding resilient supply chains based on shared values, Chow said, adding that Taiwan and Australia are reliable partners.
Taiwan is Australia’s 10th-largest trade partner and one of Canberra’s few main partners that have not signed a bilateral trade agreement with it, Chow said.
With support from Australian lawmakers, trade groups and friends in other sectors, the government is seeking to start negotiations over an economic cooperation agreement with Canberra, as well as seek its support for Taiwan to join the 11-member Comprehensive and Progressive Agreement for Trans-Pacific Partnership, he said.
The Central Weather Administration (CWA) today issued a sea warning for Typhoon Fung-wong effective from 5:30pm, while local governments canceled school and work for tomorrow. A land warning is expected to be issued tomorrow morning before it is expected to make landfall on Wednesday, the agency said. Taoyuan, and well as Yilan, Hualien and Penghu counties canceled work and school for tomorrow, as well as mountainous district of Taipei and New Taipei City. For updated information on closures, please visit the Directorate-General of Personnel Administration Web site. As of 5pm today, Fung-wong was about 490km south-southwest of Oluanpi (鵝鑾鼻), Taiwan's southernmost point.
Tropical Storm Fung-Wong would likely strengthen into a typhoon later today as it continues moving westward across the Pacific before heading in Taiwan’s direction next week, the Central Weather Administration (CWA) said. As of 8am, Fung-Wong was about 2,190km east-southeast of Cape Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, moving westward at 25kph and possibly accelerating to 31kph, CWA data showed. The tropical storm is currently over waters east of the Philippines and still far from Taiwan, CWA forecaster Tseng Chao-cheng (曾昭誠) said, adding that it could likely strengthen into a typhoon later in the day. It is forecast to reach the South China Sea
Almost a quarter of volunteer soldiers who signed up from 2021 to last year have sought early discharge, the Legislative Yuan’s Budget Center said in a report. The report said that 12,884 of 52,674 people who volunteered in the period had sought an early exit from the military, returning NT$895.96 million (US$28.86 million) to the government. In 2021, there was a 105.34 percent rise in the volunteer recruitment rate, but the number has steadily declined since then, missing recruitment targets, the Chinese-language United Daily News said, citing the report. In 2021, only 521 volunteers dropped out of the military, the report said, citing
Nearly 5 million people have signed up to receive the government’s NT$10,000 (US$322) universal cash handout since registration opened on Wednesday last week, with deposits expected to begin tomorrow, the Ministry of Finance said yesterday. After a staggered sign-up last week — based on the final digit of the applicant’s national ID or Alien Resident Certificate number — online registration is open to all eligible Taiwanese nationals, foreign permanent residents and spouses of Taiwanese nationals. Banks are expected to start issuing deposits from 6pm today, the ministry said. Those who completed registration by yesterday are expected to receive their NT$10,000 tomorrow, National Treasury
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