萬國法律事務所

Statistics kept by Taiwan's National Taxation Bureau (“NTB”) show that there have already been eleven (11) applications submitted for the repatriation of offshore funds from Taiwan’s companies or business persons since the launching of the Statute for Repatriation of Offshore Funds.  The amount of the repatriated offshore funds is approximately NTD 1.7 billion in total.
 
The Statute for Repatriation of Offshore Funds (which is called “Statute for Repatriation, Management, Utilization, and Taxation of Offshore Funds” in full), was promulgated by the President on 24 July 2019, and was launched on 15 August  2019.  According to the statue, if Taiwan’s companies or business persons repatriate offshore funds within two years from the date of implementation of the statute, the tax rate for the first year will be 8% and for the second year will be 10%.  In addition, if Taiwan’s companies or business persons complete the actual investment within the prescribed time limit, they can apply to the Taipei National Tax Administration for a refund of 50% of the tax paid.
 
An official at the NTB stated that because of the launching of the Statute for Repatriation of Offshore Funds, it is estimated that more applications for the repatriation of offshore funds will be received in the future.