TAIPEI, Taiwan — Taiwan and South Korea are now more prepared to sign economic agreements, such as investment insurance and double taxation prevention pacts, South Korea’s representative to Taiwan Cho Baek-sang said yesterday. Cho made the comment at the first Taiwan-South Korea humanities exchange conference, held by the de facto… – Continue reading
TAIPEI, Taiwan — An agreement signed by Taiwan and Austria on avoiding double taxation and preventing tax evasion is expected to take effect next month, the Ministry of Foreign Affairs (MOFA) announced yesterday. The latest announcement came after the Austrian parliament approved the pact on Dec. 17, MOFA’s Department of… – Continue reading
Thomas Piketty’s “Capital in the 21st Century” was a 2014 must-read for anyone interested in economics. But while his claim that income and wealth inequality has risen over recent decades to highs last seen before the start of the First World War was widely accepted, his policy prescriptions were not…. – Continue reading
Taipei, Dec. 18 (CNA) Trade and investment between Taiwan and Austria is expected to get a boost when their double taxation avoidance agreement signed earlier this year takes effect next year, the Ministry of Foreign Affairs said Thursday. The agreement signed in July was passed by the Austrian parliament on… – Continue reading
DBS Bank is scheduled to launch a U.S. dollar fixed deposit program for Taiwanese investors intrigued by the recent drop in the United States’ financial deficits, said Seraph Sun (孫可基), head of Consumer Banking at DBS Bank (Taiwan). According to Sun, DBS Bank deems 2015 a hopeful year for the… – Continue reading
Taipei, Nov. 19 (CNA) Taiwan’s top financial regulator has relaxed restrictions on the business scope of offshore banking units (OBUs) of local banks and offshore securities units (OSUs) of local brokerages in a bid to boost turnover of the local bourse. The Financial Supervisory Commission (FSC) said Tuesday the new… – Continue reading
A bank clerk counts renminbi banknotes, Oct. 16. (File photo/CNS) The Central Bank of the Republic of China (Taiwan) says renminbi-denominated deposits accepted by domestic banking units (DBUs) of Taiwanese banks at the end of October fell for the first time since the DBUs were allowed to conduct transactions in… – Continue reading
Domestic banks are to be required to allocate 1.5 percent of their total housing loans as provision for bad debts within the next three years to reduce risks should the property market slow down, the Financial Supervisory Commisson (FSC) said yesterday. The announcement came after the commission reached an agreement… – Continue reading
Domestic banks are to be required to allocate 1.5 percent of their total housing loans as provision for bad debts within the next three years to reduce risks should the property market slow down, the Financial Supervisory Commisson (FSC) said yesterday. The announcement came after the commission reached an agreement… – Continue reading
Taipei, Nov. 18 (CNA) Chinese yuan-dominated remittances through the local banking system in Taiwan in October hit a new high since the local central bank lifted a ban to allow local banks to conduct yuan transactions in February 2013. Statistics compiled by the central bank showed that yuan remittances through… – Continue reading
Recent months saw various important developments that are relevant to Sino-European trade and investment. These include (i) changes to the EU Parent-Subsidiary Directive, (ii) the entry into force of the double tax treaty between Luxembourg and Taiwan, and (iii) proposed changes to China’s Foreign Investment Catalogue and the Governmental Verifications… – Continue reading
Technical negotiations over an agreement to avoid double taxation by Taiwan and China have been completed, officials said on Thursday in Shanghai. Finance officials from both sides of the Taiwan Strait expressed their hopes for an early signing of the pact during a seminar on a global campaign against tax… – Continue reading
Taipei, Nov. 14 (CNA) Taiwan and Canada have concluded negotiations on an agreement to avoid double taxation and are expected to sign the pact soon, President Ma Ying-jeou said Friday. Ma said during a meeting with visiting Canadian parliamentarians that Taiwan hopes to ink further bilateral agreements including an investment… – Continue reading
TAIPEI, Taiwan — The Financial Supervisory Commission’s (FSC, 金管會) chairman Tseng Ming-chung (曾銘宗) met with the U.S. treasury from Nov. 2 till Nov. 5 and signed an Intergovernmental Agreement (IGA) under the Foreign Account Tax Compliance Act (FATCA) that will see Taiwanese financial institutions directly providing 4,273 Taiwanese green-card holders… – Continue reading
Taipei, Nov. 13 (CNA) Taiwan’s financial authorities have found that there are 4,273 bank accounts in Taiwan whose holders are obligated to report assets to the United States tax authorities, Taiwan’s top financial regulator said Thursday. Tseng Ming-chung, chairman of the Financial Supervisory Commission, said most of the account holders… – Continue reading
The Hong Kong Monetary Authority (HKMA) has launched an onsite examination into Hong Kong-based Taiwanese banks’ loan exposure to mainland Chinese companies, banking sources said last week. The HKMA, which is responsible for maintaining Hong Kong’s monetary and banking stability, has stepped up its supervision of Hong Kong banks since… – Continue reading
Nov 5 (Reuters) – The Hong Kong Monetary Authority (HKMA) has launched an onsite examination into Hong Kong-based Taiwanese banks’ loan exposure to mainland Chinese companies, banking sources said on Tuesday. The HKMA, which is responsible for maintaining Hong Kong’s monetary and banking stability, stepped up its supervision of Hong… – Continue reading
Financial Supervisory Commission Chairman William Tseng (曾銘宗) is leading a group of officials on a trip to the US in an effort to confirm details of the US’ Foreign Account Tax Compliance Act (FATCA) and to ink a tax treaty with Washington. Officials said Vice Minister of Finance Wu Tang-chieh… – Continue reading
Taiwan’s Financial Supervisory Commission is holding an enquiry into 10 Taiwanese banks with the largest exposure to PRC companies, following a similar Ministry of Finance investigation, according to bankers. As a major shareholder, Taiwan’s MoF asked in early October eight Taiwanese state-owned banks to provide details of outstanding loans to… – Continue reading
Oct 24 (Reuters) – Taiwan’s Financial Supervisory Commission (FSC) has launched an enquiry into 10 Taiwanese banks with the largest exposure to Chinese companies, following a similar investigation by the country’s Ministry of Finance (MoF), bankers said on Wednesday. As a major shareholder, Taiwan’s MoF asked eight Taiwanese state-owned banks… – Continue reading
Tseng Ming-chung at a press event in Taipei, Oct. 7. (Photo/Yen Chien-lung) Taiwan’s Financial Supervisory Committee (FSC) plans to conduct stress tests to assess the credit risks of China’s banks every quarter, reports our Chinese-language sister paper China Times. FSC chairman Tseng Ming-chung said the quarterly report will be published… – Continue reading
Taipei, Oct. 16 (CNA) Chinese yuan-dominated deposits held by banks operating in Taiwan as of the end of September topped 300 billion yuan (US$49.02 billion) for the first time, as the Chinese currency’s appreciation encouraged investors to raise their yuan holdings, according to the central bank. Statistics compiled by the… – Continue reading
Mega International Commercial Bank (兆豐國際商銀) has inked a new cooperation pact with the Industrial and Commercial Bank of China (ICBC, 中國工商銀行), as part of the state-run lender’s move to expand its operations overseas, the Taiwanese bank said yesterday. Mega Bank chairman McKinney Tsai (蔡友才) on Wednesday signed a memorandum of… – Continue reading
Taipei, Oct. 10 (CNA) Taiwan’s top financial regulator said Friday it will relax rules governing the business scope of Taiwanese securities firms’ offshore securities units (OSU), a move that could help the units seize more opportunities. The Financial Supervisory Commission (FSC) said that it will seek approval from the Central… – Continue reading
The Cabinet yesterday approved deregulation plans that would allow domestic life insurers to sell policies to Chinese clients through their offshore units. The Cabinet gave its go-ahead after trimming proposed tax breaks for offshore insurance units (OIU) to 10 years, from 15 years as suggested by the Financial Supervisory Commission… – Continue reading
Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading
Chinese yuan-denominated transactions in Taiwan have increased, according to central bank data. Increased business activity is expected to bolster ties between the two Asian economies. Chinese yuan-denominated deposits in Taiwanese banks increased on a month-on-month basis, for the month of July. The move highlights the growing interest in transactions related to the… – Continue reading
Taiwan’s Ministry of Finance is focusing on real estate as a key area of taxation, writes our sister paper Commercial Times. From August, the ministry will strive to eliminate cases where properties are sold separately to individuals from a parcel of land that belongs to a single person, understood to… – Continue reading
Taiwan’s Ministry of Finance is focusing on real estate as a key area of taxation, writes our sister paper Commercial Times. From August, the ministry will strive to eliminate cases where properties are sold separately to individuals from a parcel of land that belongs to a single person, understood to… – Continue reading
Taiwan’s Financial Supervisory Commission (FSC) plans to allow the sale of offshore structured products linked to China’s securities and stock indexes on the island as early in late July and no later than the end of this year, our sister paper Taipei’s Want Daily reports, citing FSC chairperson William Tseng…. – Continue reading
The Financial Supervisory Commission (FSC) yesterday issued a warning against lending money via offshore Internet banking Web sites, saying such transactions do not enjoy the protection of Taiwanese laws. The warning came after Lufax.com, a peer-to-peer lending platform under China’s Ping An Group (中國平安), reportedly attracted more than NT$1.2 billion… – Continue reading
Taipei, July 11 (CNA) An agreement signed by Taiwan and Luxembourg on avoiding double taxation and preventing tax evasion was approved by Luxembourg’s parliament Wednesday and will take effect on Jan. 1, 2015, the Ministry of Foreign Affairs said in a statement Friday.The agreement was signed by the Taxation Agency… – Continue reading
The Financial Supervisory Commission (FSC, 金融監督管理委員會) yesterday stated that Taiwan is currently recognized by the United States of America as an “Agreements in Substance” nation of the Foreign Account Tax Compliance Act (FATCA). The status allows Taiwanese financial institutions and their patrons to be exempted from a 30 percent withholding… – Continue reading
Chinatrust Commercial Bank employees gather on the steps of their Xinyi headquarters to say goodbye to the building, as they are being relocated to Nangang, May 15. (File photo/Deng Bo-jen) Taiwan’s Financial Supervisory Commission said on May 25 that the total revenue for Taiwanese banks’ offshore banking units has exceeded… – Continue reading
TAIPEI: Taiwan’s President Ma Ying-jeou on Wednesday categorically denied a report that he holds a US green card and owes the US government Tw$500,000 ($16,556) in taxes, saying he would resign if the claim turned out to be true.The report, appearing in the latest issue of Taiwan’s Next Magazine, alleged… – Continue reading
Next Magazine yesterday released a report claiming that the president has to pay taxes to the U.S. under the Foreign Account Tax Compliance Act (FATCA), saying that Ma is poised to turn himself into an “international laughingstock” by becoming the first R.O.C. president subject to U.S. taxes. That the president… – Continue reading
Taiwan’s Financial Supervisory Commission (FSC) has confirmed that it expects to conclude an intergovernmental agreement (IGA) with the United States regarding the Foreign Account Tax Compliance Act (FATCA) by the end of June this year. FATCA, enacted by the US Congress in 2010 and due to take effect on July… – Continue reading
If Taiwan does not reach a consensus with the US on a pact that would help Taiwanese financial institutions meet requirements for reporting tax before July, the implementation of the Foreign Account Tax Compliance Act by the US on July 1 this year could mean a 30% tax deduction on… – Continue reading
The US Foreign Account Tax Compliance Act (FATCA) will be implemented on July 1 this year, and it would be better for Taiwan’s financial institutions not to speculate any more, a prominent accountant has said in an interview our sister paper Commercial Times. Chou Sih-ci said several financial operators still… – Continue reading
HONG KONG, Feb 20 (Reuters) – The British and Chinese governments are in active discussions about setting up a clearing bank in London for China’s currency, a milestone that will put the city in a leading position to offer yuan trade business in Europe. Taking a leaf out of Hong Kong’s blueprint in being… – Continue reading
Congress is on a roll, trying to track down hidden offshore accounts, and the latest news is a report that shows which states have the most taxpayers disclosing such accounts (California is No. 1), and where they are located (Switzerland is tops). All told, taxpayers in at least 45 states… – Continue reading
