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.
Taiwan does not exclude the possibility of having formal diplomatic relations with countries that also have formal ties with China, regardless of Beijing’s stance, Minister of Foreign Affairs Joseph Wu (吳釗燮) said on Sunday. There was speculation in 2012 that Honduras was attempting to have simultaneous diplomatic relations with Taiwan and China, an idea that then-minister of foreign affairs David Lin (林永樂) rejected. Honduras severed formal ties with Taiwan on Sunday morning after establishing diplomatic relations with Beijing. President Tsai Ing-wen’s (蔡英文) administration has taken a more practical approach to relations with like-minded countries since assuming government in 2016. Previous administrations took the
Seven senior faculty members, including the principal, of a high school in Taichung were temporarily suspended from their jobs on Friday, pending an investigation by the Taichung Education Bureau into alleged bullying and abuse that led to the suicide of a student last month. The city’s education officials were too slow to suspend those involved, the student’s father told a news conference on Wednesday, at which Democratic Progressive Party (DPP) Legislator Chang Liao Wan-chien (張廖萬堅) and members of the Humanistic Education Foundation were also present. The boy had been a good student and a high achiever during elementary and junior-high, and had
ORIGIN UNKNOWN: The Leofoo Village Theme Park and Taipei Zoo have accounted for their baboons, as authorities continue a 12-day capture attempt Authorities in Taoyuan are searching for a non-native baboon, possibly of the chacma species, that has been spotted several times in the city’s Pingjhen District (平鎮) over the past 12 days, and was most recently seen in coastal Sinwu District (新屋). The baboon was first spotted near a local factory on March 10 in central Taoyuan, Jhensing Borough Warden Huang Chih-chieh (黃志杰) said. Huang said he requested the Leofoo Village Theme Park’s help after a second sighting on Saturday. In other sightings, the baboon raided fruit and vegetable gardens on private property, and has evaded one capture attempt via a tranquilizer dart. Media reported
Taiwan would have established formal relations with Argentina long ago if not for China’s interference, Vice Minister of Foreign Affairs Alexander Yui told US-based Spanish-language online news outlet Infobae in an interview published on Tuesday. Beijing has left behind a string of unfulfilled promises in Latin America, including pledges to build the Grand Nicaragua Canal and airports, docks, ports and industrial zones in El Salvador, he said. Meanwhile, Brazil, Argentina, Chile, Mexico and other countries enjoy pragmatic and improving relations with Taiwan based on cooperation on the economy, culture, technology and science, he said. While Taiwan is “happy to live and let live,”
RSS