Taiwan proposes new single form for income from investments for foreign taxpayers

26.05.2014

National Tax Bureau of Taipei (NTBT) concluded that different laws that regulate the process and form of submission of the documents for dividends on securities and for income from securities in Taiwan do not contribute to attraction of the investors to the country. In order to make procedure easier bureau created the new single form, by filling which non-resident may apply for the income.

Any agent pf the company (i.e. citizen of Taiwan acting on behalf of the non-resident company) that wants to use new form shall submit the following information:

1. On Agent’s education, professional experience, citizenship and income;

2. Power of Attorney for the representation of the company;

3. List of the attorney of the company with its annual renewal. There must be the personal data on each of attorney on the list.

This information shall be provided to the District Tax Bureau at the place of company registration.

NTBT said that using of the specialized form will ease procedure of cooperation between foreign investors and tax services as comparing to the using of the usual forms.

Source: http://www.mof.gov.tw/engWeb/ct.asp?xItem=76308&ctNode=544&mp=2

Expert’s opinion

Asian region is not falling behind from successful and popular European jurisdictions. In order to attract investors into the region authorities take different actions, in particular now they make easier the process of company registration in Taiwan. Speed and ease of the legal person’s registration is undoubtedly the significant perk for any jurisdiction. It is worth considering Asian jurisdictions such as Hong Kong, Taiwan, Singapore for those ones who is working with high-tech industries and with China.

Alexandra Mihno ( Lawyer, Honest&Bright)