The China Post news staff
Swiss authorities have recently completed their due legal process for the recognition of an agreement on avoidance of double taxation signed between the two respective offices, the Trade Office of Swiss Industries (TOSI) in Taipei and the Taipei Cultural and Economic Delegation in Switzerland.
The agreement entered into force on Tuesday, Dec. 13. Its content follows standard Swiss practice for agreement in the area of double taxation and it is based on the OECD Model Convention, including provisions on the exchange of information in line with the internationally applicable standards, said the TOSI. The agreement is expected to further strengthen economic ties between the two important economic players in Asia and Europe, according to TOSI. It is set to offer Taiwanese investors an interesting gateway to Europe and to further facilitate access to the Taiwanese market for Swiss companies, the TOSI explained.
So far, more than 110 Swiss companies have invested in Taiwan, making Switzerland the 5th largest European investor to the nation. They are engaged in a wide variety of activities, including manufacturing, marketing and distribution of products and services, as well as regional businesses. On the other side, various prominent Taiwanese companies such as ACER and Micro-Life have already set up their European headquarters in Switzerland, said the TOSI.
Based on currently available figures, Swiss exports to Taiwan could reach a record high by the end of this year. Switzerland became the 9th European trading partner to conclude a double-taxation agreement with Taiwan, the TOSI said.