TAIPEI (Taiwan News) — An agreement to prevent double taxation between Taiwan and the Czech Republic is expected to go into effect in 2021.

The Avoidance of Double Taxation Agreement (ADTA) was signed by Taiwan and the Czech Republic in December 2017. Legislation regarding the matter had been completed by the Czech Parliament and was signed into law by Czech President Miloš Zeman on Wednesday (Feb. 12), according to Taiwan’s Ministry of Foreign Affairs.

The agreement is expected to come into effect starting next year. It will facilitate bilateral investment and trade, boost job opportunities, and encourage technical exchanges and treasury cooperation, the ministry said.

The Czech Republic is the 16th European nation to have signed such a deal with Taiwan, following Poland, Austria, France, Germany, the Netherlands, and Italy, among others. Taiwan has singed a total of 33 tax agreements with other countries, the ministry added.

The eastern European nation has been the fourth most favored destination by Taiwanese looking to invest in Europe, said the ministry. Taiwan businesses have created approximately 23,000 jobs in the Czech Republic, it added.

Following the establishment of the ADTA, and other agreements fostering innovation, education cooperation and enabling working holidays of young people, Taiwan and the Czech Republic will continue strengthening a bilateral relationship that is beneficial to both countries, said the ministry.