WEBWIRE — Sunday, December 31, 2023
Data Source ： Department of East Asian and Pacific Affairs
To improve financial investment and promote fairness in tax, and deepen bilateral substantive relations, Taiwan and the Republic of Korea concluded the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (ADTA) on November 17, 2021, signed from another location by the representative workplaces of the 2 nations following 7 years of settlements. The ADTA worked on December 27, 2023, after the 2 nations had actually finished appropriate domestic legal treatments and informed one another. It will formally use to tax cases from January 1 next year. The Ministry of Foreign Affairs (MOFA) of the Republic of China (Taiwan) all the best invites this advancement.
Taiwan and the ROKare one anothers fifth-largest trading partners. They share a close collaboration in semiconductor and IT commercial supply chains, dynamic financial and trade relations, and regular people-to-people exchanges. In setting out suitable tax decrease and exemption procedures, the ADTA will reinforce bilateral commercial cooperation and technological exchanges.
The Taiwan-ROK accord is the 2nd detailed earnings tax contract that Taiwan has actually concluded with a northeast Asian country after Japan. By cultivating much better financial investment environments for companies from both nations, it will even more broaden bilateral financial and trade relations, improve individuals well-being, and produce an equally advantageous, great deal. (E)
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