TAIPEI: 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 agreement signed in July was passed by the Austrian parliament, according Zhang Ming-zhong, Director General of the Department of European Affairs at Taiwan’s foreign ministry. Taiwan has completed all legal procedures for the agreement to come into effect, he said.
After Austria finishes its final legal procedures, “the agreement is set to take effect Jan. 1, 2015,” he said at a regular news conference.
This is Taiwan’s 13th tax agreement with a European country and 28th overall, according to the ministry.
Bilateral trade between Taiwan and Austria was US$780 million last year, while trade during the first three quarters of 2014 was more than US$630 million, the ministry said.
The ministry said the agreement is expected to advance trade and investment relations and promote technical exchanges and business opportunities and will help strengthen Taiwan’s ties with the European Union.