An agreement that Taiwan signed with Austria designed to avoid double taxation is set to take effect on January 1st. That’s the word from Foreign Ministry official Zhang Ming-zong on Thursday.
The two countries signed the “Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income” in June of this year. The Austrian Parliament approved the agreement in a vote Wednesday.
Zhang said the agreement will help promote the bilateral ties when it goes into effect next year.
“It is our hope that the agreement will boost investment and create a fair and friendly taxation environment for business sectors on both sides, so as to promote more trade exchange in the future,"said Zhang.
The agreement with Austria brings the number of taxation pacts that Taiwan has signed with other countries to 28. The taxation agreement with Austria is also the 13th that Taiwan inked with a European country.
Trade volume between Taiwan and Austria exceeded 630 million US dollars in the first three quarters of this year.
Meanwhile, the two countries also agreed to begin implementing a bilateral working holiday scheme as soon as end of the year.