Recently, Taiwan and China have agreed to continue discussions on goods tariff reductions within their economic cooperation framework agreement (ECFA), despite the long-running dispute over the cross-strait agreement for trade in services that was signed in June last year. The ECFA will effect at the beginning of 2011, and implemented a three-year program of import duty reductions up to January 1, 2013, reducing the tariffs on all of its listed items to zero. In total, the tariff cuts involved a total of 539 items exported from Taiwan to China, while 267 Chinese products imported into Taiwan were also included in the agreement.
China: VAT rates reformed
»
Related Posts
Taiwan: Ministry of Finance issues guidelines for businesses changing to a special fiscal year
Taiwan's Ministry of Finance has released a notice outlining the requirements for businesses transitioning from a calendar year to a special fiscal year, including stipulations for tax returns and retained earnings on 12 November 2024. The
Read MoreChina, Peru to hold second round of tax treaty talks
Officials from China and Peru will convene from 19 to 22 November 2024 for the second round of negotiations regarding an income tax treaty. This treaty seeks to prevent double taxation and tax evasion, promoting economic integration between the
Read MoreTaiwan, UK sign enhanced trade partnership arrangement
Taiwan Representative to the United Kingdom Amb. Kelly Wu-chiao Hsieh and Representative of the British Office in Taipei John Dennis, representing the Executive Yuan’s Office of Trade Negotiations and the UK Department of Business and Trade signed
Read MoreTaiwan mandates reporting obligations for income not subject to tax withholding
Taiwan's Ministry of Finance has issued a notice mandating the submission of Non-Withholding Tax Statements for payments that are exempt from withholding on 4 November 2024. The tax withholding system aims to supervise and urge tax withholders to
Read MoreTaiwan clarifies conditions for declaring business expenses, losses
Taiwan's Ministry of Finance has released a notice outlining the general conditions for declaring expenses, losses, and business-related expenses or losses on 4 November 2024. The expenses or losses filed by profit-seeking enterprises should be
Read MoreTaiwan issues new tax calculation guidelines for foreign companies
Taiwan's Ministry of Finance has released notice for foreign companies on applying the net profit ratio and domestic profit contribution ratio to calculate taxable income and withholding tax before receiving payments for services or business profits
Read More