By: Pan Tzu-yu and Elizabeth Hsu
Taipei, Nov. 19 (CNA) The government has relaxed the interpretation of the scope and mechanism of tax concessions stipulated in the Act for the Recruitment and Employment of Foreign Professionals to assuage concerns over the application of the preferential treatment.
Since the act came into effect Feb. 8, 2018, the tax concessions provided for foreign talent have drawn the attention of foreign chambers of commerce, domestic enterprises and foreign professionals in the country, the National Development Council (NDC) said in a statement released Tuesday.
"In view of the doubts concerning the scope of application of the tax concession, the NDC has coordinated with the Ministry of Finance to provide a more flexible interpretation of the scope and mechanism under the provisions of the Act" for those taking up professional jobs for the first time in Taiwan, the statement said.
Under the more lenient interpretation, tax concessions are not just limited to foreign professionals who got their first employment contract on or after Feb. 8, 2018, when the act entered into force, but also before and into the year when the act came into effect. [FULL STORY]