TAIPEI (Taiwan Today) — Taiwan was removed from the EU’s noncooperative jurisdiction for tax purposes watchlist March 12, reflecting the effectiveness of government measures in bringing local rules and regulations in line with global standards.
According to the Ministry of Finance, Taiwan was among 92 countries and territories included in a review launched two years ago by the EU Code of Conduct Group. This aimed to enhance cooperation on fair taxation, fighting tax avoidance, and improving good governance and transparency.
A total of 17 countries and territories were identified as having taken no meaningful action to address deficiencies in respective tax systems. Although Taiwan was not included in the group, it did make the watchlist.
The EU advised the government to remedy the situation by continuing to work to abolish or amend income tax incentive provisions; exchange relevant information; and implement measures to halt base erosion and profit shifting. [FULL STORY]