Finance Minister Su Jain-rong says Taiwanese businesses have already remitted NT$21.7 billion (US$723.3 million) back to Taiwan since August.
Su said Thursday that half of the figure will be spent on investment in Taiwan. He says that’s a positive result of an act governing repatriated offshore funds. The act – called the Management, Utilization, and Taxation of Repatriated Offshore Funds Act – came into force in August.
"From our understanding, overseas Taiwanese businesspeople are enthusiastic about the act. Some are individuals, most of them are businesses. Some large businesses have already remitted funds back. There is a maximum of NT$7 billion (US$233 million); many remitted about NT$3-4 billion (US$100 to US$133 million). From our understanding, some are hoping to remit over NT$10 billion. The [figures] show that the act has produced some results.”
Over the past two years, Su said a lot of Taiwanese businesspeople doing business overseas have expressed their interest in remitting funds back to Taiwan. That’s in response to the trade war between China and the United States as well as the global trend of tax avoidance.