According to Or, Saudi Arabia is the first Arab nation in the Middle East to have signed an agreement with Taiwan to avoid double taxation. As of December 31, 2017, the comprehensive income tax agreements signed but not yet entered into force are listed below: Taipei, December 10 (NAC) Taiwan and Saudi Arabia have recently signed an agreement to avoid double taxation and income tax evasion, as announced Thursday by the Ministry of Foreign Affairs (MOFA). As of December 31, 2017, 32 comprehensive personal income tax agreements and 13 international transportation income tax conventions have been signed and entered into force. All tax treaties are listed below: to date, Taiwan has entered into tax agreements with 34 countries, she said, adding that the new pact will help businesses in both countries get fair tax treatment. Taiwan uses the credit method to avoid double taxation of income. Foreign taxes paid on income from foreign sources can be credited with all of Taiwan`s income tax debt. However, the credit is limited to additional taxes resulting from income from foreign sources. Taiwan`s tax treaty with Saudi Arabia will come into force on January 1, 2021, according to the Ministry of Finance (MOF). According to the MOF, the recent tax treaty will help facilitate bilateral investment, trade, employment opportunities, technological exchanges and cooperation on taxation and tariffs. .

Comprehensive Income Tax Agreement (for all income streams): The Arab nation is Taiwan`s 13th largest trading partner, and bilateral trade between the two countries amounted to about $8.66 billion in 2019, MOF said in a statement Thursday, International Transportation Income Tax Agreements: The agreement was colored by representatives of both countries in Riyadh, the Saudi capital, on December 2, said Joanne Ou (歐) at a press meeting in Taipei. This section of the Lowtax.net site was viewed by Deep and Far, lawyers See the section withheld at source in the company summary for a list of countries with which Taiwan has a tax agreement. For more information, see www.mof.gov.tw/Detail/Index?nodeid=191&pid=63930. As Saudi Arabia gradually moves away from its dependence on its oil exports, it is pursuing a diversified economic policy that encourages foreign investment, the finance ministry said.