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Taiwan, Japan sign agreement on avoidance of double taxation (update)

Taiwan, Japan sign agreement on avoidance of double taxation (update)

Taipei, Nov. 26 (CNA) Taiwan and Japan signed a bilateral agreement on the avoidance of double taxation in Tokyo Thursday, according to Taiwan's Ministry of Foreign Affairs. The two sides also signed two memoranda of understanding on the application of competition laws and on cooperation and exchanges on disaster prevention, the ministry announced. Lee Chia-chin (???), chairman of the Taipei-based Association of East Asian Relations, and Japan's Interchange Association Chairman Mitsuo Ohashi signed the three agreements in Tokyo on behalf of their respective countries at the conclusion of a two-day bilateral economic and trade conference. Under the double taxation avoidance agreement (DTTA), Taiwanese nationals working in enterprises in Japan will not be taxed in both countries, and vice versa. The DTTA extends to company employees who are on a long-term business trips to the other country, The taxation agreement is expected to help Taiwan recruit high-tech talent from Japan, in particular in the information technology sector, as Taiwan seeks to hone its global competitive edge, particularly against South Korea and China, the two associations said. The DTTA is also likely to help boost bilateral investments, according to the associations. Japan is the 31st economy with which Taiwan has signed such an agreement. A similar accord was signed between Taiwan and China in August. In 2014, Japan's investment in Taiwan increased by an annual 34 percent to about US$550 million, according to statistics from Taiwan's Ministry of Economic Affairs. The data also showed that Taiwan's investments in Japan rose from US$170 million in 2013 to US$680 million in 2014. Since President Ma Ying-jeou (???) took office in 2008, Taiwan and Japan have signed 28 agreements, including an investment pact, a working holiday agreement for youth, and an open skies accord, and a fishery agreement. (By Tang Pei-chun, Yang Ming-chu, Jay Chen and Frances Huang)


Updated : 2021-09-28 22:47 GMT+08:00