New regulations will raise tax benefits for some activities
Taiwan News
Date: 2018/10/04
By: Matthew Strong, Taiwan News, Staff Writer
Kaohsiung harbor. (By Wikimedia Commons)
TAIPEI (Taiwan News) – Foreign investors deploying activities in freeport areas will benefit from tax breaks, according to amendments approved by the Cabinet Thursday.
The Ministry of Transportation said the activities included storage, transportation, and payment of customers, the Liberty Times reported.
Simple added-value work however, would be taxed, as opposed to such practices as labeling and packaging, which counted under the new tax breaks, the report said.
A difference in tax waivers between exports and products destined for the domestic market would be ended, treating both the same in a beneficial way, according to the ministry. Under previous legislation, only 10 percent of income from the domestic market would be tax free, but the amendments passed Thursday will hike the percentage to 100, the same as exported products, reports said. [FULL STORY]
