Alert Sheet - Free Economic Model Zones
Dear Friends,
On December 27, 2013, after several rounds of discussion and amendments, the Executive Yuan submitted the draft Special Act for Free Economic Pilot Zones (the "Draft Special Act") to the Legislative Yuan for readings. The main purpose of the proposed legislation is to relax investment and trade barriers, and offer tax incentives for entities registered in a defined Free Economic Pilot Zone (the "Zone"), preparing Taiwan for joining the Trans-Pacific Strategic Economic Partnership, otherwise known as the Trans-Pacific Partnership, and the Regional Comprehensive Economic Partnership. The Draft Special Act also authorizes the competent authority to promulgate sub-regulations for designated industries in the Zone, which may further liberalize the business activities of registered entities. For instance, it is expected that the financial industry will qualify under the Act and may be permitted to offer products or services that are currently restricted outside such Zones.
We summarize the Draft Special Act below:
http://www.lexgroup.com.tw/en_in_news.php?n_type=1&sn=109