A double taxation avoidance agreement between Taiwan and Austria will take effect on January 1, 2015. That’s the word from the foreign ministry on Wednesday. This agreement is expected to boost bilateral trade and investment.
The agreement was signed in July. As the two countries have completed the necessary domestic legal procedures, the agreement will be implemented on Thursday. This is Taiwan's 28th bilateral agreement aimed at avoiding double taxation. It is the 13th such agreement concluded with a European country.
Bilateral trade between Taiwan and Austria totaled US$780 million in 2013 and more than US$630 million during the first three quarters of 2014. The foreign ministry said the agreement is expected to advance trade and investment relations and promote technical exchanges and business opportunities. It will also help strengthen Taiwan's ties with the European Union.