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Taiwan has relaxed 240 business regulations: economic planner

Taiwan has relaxed 240 business regulations: economic planner

Taipei, May 4 (CNA) Taiwan has relaxed 240 rules and regulations governing business activities since May last year, the Council for Economic Planning and Development (CEPD) announced Monday.
According to the CEPD, the country's top economic planning body, the rules and regulations that have been relaxed include the recently revised Company Law and the Income Tax Law.
CEPD officials pointed out that the Cabinet adopted draft regulations last month aimed at promoting industrial innovation and encouraging overseas companies to set up distribution centers in Taiwan by waiving land taxes.
In addition, the directions for reviewing work rules for newly established enterprises will also be amended to shorten the screening process from 14 days to seven.
The CEPD plans to relax a further 120 regulations this year to give the business sector greater convenience and flexibility, the officials said, adding that the laws to be amended include the Trademark Act, the Patent Law, the Cooperative Society Law, and the Guidelines for the Audit of Income Taxes on Profit-Making Enterprises.
The officials said that with these changes, they expect the business environment ranking to rise when the World Bank Group releases its annual report next year.
In its 2009 report, the World Bank Group ranked Taiwan 61st among the 181 economies listed. The rankings were determined according the ease of doing business in each economy.
(By Han Nai-kuo)




Updated : 2021-03-01 00:42 GMT+08:00