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Taiwan-Canada ink deal to prevent taxation of same income

Taiwan-Canada ink deal to prevent taxation of same income

OTTAWA: Taiwan and Canada have signed an agreement to prevent the taxation of the same income twice in the two nations, the Ministry of Foreign Affairs said yesterday.

The signing was completed earlier in the day and is likely to take effect on Jan. 1 next year, after the two sides complete the necessary domestic procedures, the ministry said in a statement.

The ministry hoped the agreement would help create a friendlier environment for bilateral investment, especially considering the potential for further cooperation in the technology, healthcare, clean energy, sustainable development and services sectors.

Canada is Taiwan’s 24th-largest trade partner and 17th-largest export market, while Taiwan is Canada’s 12th-largest trade partner, the ministry said.