Nissan to lay off thousands of workers as sales drop    Trump picks Susan Wiles as White House chief of staff    Three charged in connection with Liam Payne's death    Israel passes law to deport relatives of attackers, including citizens    Monkey mayhem in South Carolina after 43 primates escape research facility    Russian anti-war teenager faces five years in jail after failed appeal    Uproar in Ghana after president unveils his own statue    BD and INS partner to elevate standards of infusion care in MENAT    Qassim emir launches 52 health projects costing a total of SR456 million    Dubai Design Week launches its 10th edition, celebrating creativity and innovation    Fakeeh Care Group reports 9M-2024 net profit of SR195.3 million, up 49% y-o-y driven by solid revenue growth and robust profitability    GASTAT: Passengers of public transport bus and train soar 176% and 33% respectively in 2023    HRT does not impact life expectancy — UK health body    Liam Payne's body to be flown back to the UK    Arab leaders and heads of state congratulate US President-elect Donald Trump    Neymar suffers muscle tear, out for 4-6 weeks    Suspect arrested for banking fraud totaling SR493 million as Nazaha pursues corruption charges    Al Nassr secures 5-1 victory over Al Ain to edge closer to knockout stage    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Taiwan to cut foreign firms' income tax
Published in The Saudi Gazette on 11 - 07 - 2009

Taiwan's Department of Taxation under the Ministry of Finance is planning to ease tax regulations to allow foreign enterprises that do not have a base of operations or branch offices in Taiwan to claim deductions on costs and expenses for “business income” earned in the country.
The American Chamber of Commerce in Taipei has for years complained that Taiwan lumps together all income earned in the country by foreign companies into a single category and taxes it at a rate of 20 percent. Noting that these overseas firms are also required to pay taxes on the income in their home countries, AmCham has argued that Taiwan's method of taxation results in some of the highest tax rates anywhere in the world and is extremely unreasonable.
Under the planned relaxation of the tax regulations, all foreign companies that meet the conditions in Article 8, Paragraph 9 of the Republic of China's Income Tax Act will be able to claim deductions on their operating costs and expenses for “business income.” They will be subject to a 20 percent taxation based on net income.
Accountants pointed out that the National Tax Administration currently classifies service income earned in Taiwan by offshore firms as “other income” and taxes it at 20 percent. “Business income,” “other income,” and “service income” are easily confused under the current regulations, often leading to major disputes and controversy.
Clearly defining the category of “business income” is seen as an important element in the MOF's move to relax tax regulations.
According to scholars, under the Income Tax Act, most corporate revenues not earned from royalties, dividends or interest can be placed under the category of “business income.”
The DOT will invite representatives of AmCham, the European Chamber of Commerce Taipei, and the Certified Public Accountants Association, ROC to a meeting slated for later this month to clarify the definition of “business profits.”
Meanwhile, Hon Hai Precision Industry, Cathay Life Insurance, CPC Corp., Formosa Petrochemical, Quanta Computer, and Asustek Computer have made into the Fortune 500 again this year.
Most of the companies are ranked higher than last year. Hon Hai jumped from 132nd to 109th, followed by Cathay Life (291), CPC (306), Formosa Petrochemical (323), Quanta (342) and Asustek (436).
Royal Dutch Shell tops Fortune Magazine's list of the 500 largest companies in the world this year. For the first time in 10 years, a company not based in the US occupies first place, and the number of US corporations on the list has dropped to 140.


Clic here to read the story from its source.