Raphael Gamzou, representative of the Israeli Economic and Cultural Office in Taipei, in the presence of Taiwan’s Minister of Finance, Lee Sush-der, has signed a double taxation agreement (DTA) between Israel and Taiwan.
It was said that Taiwan had completed DTAs with 16 other countries, including Singapore, Australia, New Zealand, the UK, and the Netherlands. The DTA with Israel, after being signed by Terry GC Ting, Taiwan's representative to Israel, will take effect on January 1, 2010.
Taiwan and Israel signed an agreement to cooperate on customs affairs in June this year. Gamzou portrayed this new agreement, which has been in negotiation since 2006, as a significant event in the development of economic relations between the two countries.
It is hoped that, by regulating and simplifying the taxation of business between Taiwan and Israel, the DTA will stimulate bilateral investment flows. Israel's Central Bureau of Statistics has calculated that bilateral trade between Taiwan and Israel reached almost USD1.2bn last year.
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