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.
UPGRADE: The Kang Ding-class frigate is replacing its Chaparall missiles with Tien Chien II and Hua Yang VLS, which would provide it with long-range, 360° air defense Taiwan plans to produce 1,200 to 1,376 Hai Chien II missiles (海劍二, Sea Sword II) — also known as TC-2N — to serve as the standard air defense system of the navy’s surface combatant fleet, a source said yesterday. Last week, the Hai Chien II, the naval version of the Tien Kung II missile (天劍二, Sky Sword II), completed a live-fire test in waters off the National Chungshan Institute of Science and Technology’s Jiupeng facility (九鵬) in Pingtung County’s Manjhou Township (滿州). The MIM72 Chaparral and other dated air defense missiles that currently arm Taiwanese ships have inadequate range to combat Chinese
REASONS FOR TRAVEL: An assistant professor said that proposed amendments to penalize drivers if they used drugs overseas would not deter people from traveling People who operate a motor vehicle under the influence of marijuana would have their driver’s license revoked, even if they used the substance while overseas, the Ministry of Transportation and Communications said yesterday, citing proposed amendments to the Road Traffic Management and Penalty Act (道路交通管理處罰條例). The amendments would also authorize the government to revoke the licenses of people determined to have used Category 1 or Category 2 narcotics, even if they were not operating a vehicle while under the influence of drugs, as well as ban them from taking the license test for three years, the ministry said. People aged 18 or
HEAVY WEATHER: Typhoon Jangmi is due to crash straight into the Ryukyus as airlines look to shift flights to larger aircraft or cancel flights to Okinawa entirely Taiwan’s international air carriers announced flight adjustments over the weekend as Typhoon Jangmi is forecast to hit the Ryukyu Islands today and tomorrow. The Central Weather Administration (CWA) upgraded Jangmi from a tropical storm to a typhoon at 8am yesterday, with the eye located 580km south of Naha city. It was moving north at 19kph. Today, China Airlines’ CI-120, CI-121, CI-122 and CI-123 flights between Taoyuan and Naha, Okinawa, have been canceled as well as CI-132 and CI-133 between Kaohsiung and Naha. EVA Air’s BR-112, BR-113, BR-186 and BR-185 flights between Taoyuan and Naha are also canceled. Low-cost carrier Tigerair Taiwan canceled IT-230,
Johanne Liou (劉喬安), a Taiwanese woman who shot to unwanted fame during the Sunflower movement protests in 2014, returned to Taiwan last night after being deported from the US. She is to stand trial in Taiwan for charges involving embezzlement, fraud and drug crimes. The Criminal Investigation Bureau (CIB) said it took her into custody at Taiwan Taoyuan International Airport and would first question her before transferring her to the New Taipei District Prosecutors’ Office. She was arrested upon disembarking a flight from San Francisco that landed shortly before 7pm. Liou absconded to the US in 2019 after jumping bail
RSS