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Published Date: 2019-12-26
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.