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(Dec 05, 2012) Bringing to a close a process that began in 1999, on November 30, 2012, representatives of the Republic of China (on Taiwan) (ROC) and Thailand signed an agreement on the avoidance of double taxation and prevention of income tax evasion. The accord is expected to take effect by the end of the year, after both sides exchange official letters. (Meg Chang, Taiwan, Thailand Fast-Track Tax Agreement, TAIWAN TODAY (Dec. 4, 2012); Namita Lin & Ann Chen, Taiwan, Thailand Sign Double Taxation Avoidance Agreement, FOCUS TAIWAN (Dec. 3, 2012).)

An agreement signed between the two sides on July 9, 1999, reportedly stalled in the Thai National Assembly. Finally, an amended version of the pact was approved by Thailand's Cabinet in June, leading to the revised agreement worked out by Thai and ROC officials. (Lin & Chen, supra.)

According to an ROC Ministry of Finance official, "[r]educed tax on dividends paid to companies and individuals in Thailand should see a rise in inbound investment from the kingdom," and a lower rate on interest income would spur capital flows between the two sides. Taiwan is Thailand's fifth largest trade partner. (Chang, supra.) Taiwan has signed 25 tax agreements with other countries; among them, an agreement with Germany is scheduled to take effect on January 1, 2013. (Id.; see also Which Countries Hold Double-Taxation Agreements with Taiwan? [as of Dec. 31, 2011], INVEST TAIWAN (last visited Dec. 4, 2012).)

Author:

Wendy Zeldin More by this author

Topic:

Taxation More on this topic

Jurisdiction:

Taiwan / Thailand More about this jurisdiction

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Last updated: 12/05/2012