Taiwan and Israel signed an agreement on mutual assistance and cooperation in customs affairs in June this year
Israel's top representative to Taiwan, Raphael Gamzou, signed last week an agreement with Taiwan that will prevent, as from January 1, 2010 double taxation, deter tax evasion, and ensure that taxpayers in both countries will be treated equally.
Taiwan has signed similar agreements with 16 other countries, including Singapore, Australia, New Zealand, the United Kingdom, and the Netherlands.
Describing the agreement as a milestone in bilateral economic relations between Taiwan and Israel, Gamzou said it will serve as an incentive to entrepreneurs of Taiwan and Israel and will encourage the business communities in both countries to be more willing to enter into partnerships with the other side.
Minister of Finance Lee Sush-der said last week that "The agreement will help systematize, simplify and bring transparency to bilateral taxation affairs and business exchanges”.
Taiwan and Israel signed an agreement on mutual assistance and cooperation in customs affairs in June this year and a bilateral temporary admission carnet in 2003.
According to Israel's Central Bureau of Statistics, bilateral trade between Taiwan and Israel reached US$1.18 billion in 2008.