Date: February 19, 2016
An agreement eliminating double taxation and minimizing tax evasion was
recently concluded by Taiwan and Italy, paving the way for further development of the bilateral trade relationship.
Taking effect Jan. 1, 2016, the pact prevents the levying of tax by both sides on the same asset, income or financial transaction. It is expected to bolster investment and trade activities spanning automobile parts, chemicals, clothing, logistics and pharmaceuticals.
The agreement also includes an adjustment mechanism for enterprises to handle transfer pricing and related issues.
ROC Ministry of Finance statistics revealed that Italy is Taiwan’s fifth largest trading partner in the EU, with two-way trade reaching US$4.13 billion in 2014. [FULL STORY]