TAIPEI (Taiwan News) – New government regulations about the return of funds by Taiwanese investors overseas back to the island netted NT$800 million (US$25.6 million) during the first two weeks after they went into effect, reports said Friday (September 6).
Half of the funds had been dealt with by the tax administration office for Central Taiwan and the other half had been handled by their colleagues in Taipei, the Central News Agency reported.
The new regulations were launched on August 15, with the first cases in Central Taiwan identified as applications by a Taiwanese businessman acting in a personal capacity and by a listed company. The two cases were approved on September 4 and 5, respectively.
The funds had to be wired into a special account within a month, but the listed company obtained the approval to transfer the money in installments within a year, according to CNA.
The individual case involved a Taiwanese businessman who had been working overseas for 20 years and wanted to repatriate NT$50 million before his retirement, the Central Taiwan tax office said.
The regulations would remain valid for two years and included an 8-percent tax rate for the first year and 10 percent for the second year, with reductions by half if the returned funds were really invested.