09 2月 2018 Taiwan weekly legal update: US safeguard measures on solar cells
Draft amendments to the “Securities Transaction Tax”Act.
The Executive Yuan had passed several draft amendments to the Securities Transaction Tax Act. These amendments will be delivered to the Legislative Yuan for further discussions. The Primer Lai instructed the FSC and notified the Legislative Yuan to have this issue fully discussed and completed as soon as possible.
The Ministry of Finance described that the previous tax cut policy on “Day Trading”-transaction tax rate to 1.5‰-has received positive feedback on boosting the stock market. Thus, this temporary tax cut policy will be prolonged to 2021.
The draft amendments briefing:
Day Trading tax cut policy will be prolonged to 2021; A securities dealer who sells its own securities may also participate in Day Trading. However, the dealer shall be subjected to the transaction tax accordingly. This amendment shall be effected from 28 April 2018 to 27 April 2021.
The US imposed safeguard measures on crystalline silicon and solar power products.
The United Stated CBP has released a global Quota Bulletin for solar power crystalline silicon photovoltaic cells.
According to the United States Trump administration’s decision released on 23 January, the import of solar power products has caused damages to the US solar power industries. Thus, the Trump administration decided to impose safeguard measures including cells and modules for a period of 4 years. A 30 percent tariff will be imposed on imported solar cells and modules in the first year, declining to 15 percent by the fourth year. The measure allows 2.5 gigawatts of unassembled solar cells to be imported tariff-free in each year. Starts from 7 February 2018.
The followings are the brief introduction from the consultant of Ministry of Economic:
1. The “solar power crystalline silicon photovoltaic cells” is classified as Chapter 85 of Commodity HTS-6.
2. Import cells within quota shall declare HTS 9903.45.21.
3. Import cells beyond quota shall declare HTS 9903.45.22.
4. If the cells imported within quota were subjected to anti-dumping or countervailing, the importer shall bear the taxation as well. The anti-dumping duty rate the US imposed on Taiwan is now 3.56%-4.2%. The anti-dumping duty rate the US imposed on China is now 26.71%-165.04%, countervailing duty rate 27.64%-49.21%.
5. Importers shall declare their importation through Automated Commercial Environment (ACE).
6. The CBP will take the quota amount when the goods are actually imported and with the complete declaration.
In addition, Taiwan has requested World Trade Organization consultations with the US over the decision to apply harsh tariffs on all crystalline silicon photovoltaic cells globally. Further information:(https://www.cbp.gov/trade/quota/bulletin/qb-18-111-2018-solar-cellmodules)
The Act for Recruitment and Employment of Foreign Professional is officially in effect.
The act for recruiting and employment of foreign professionals are officially in effect on 8 February. This would be a milestone for the Taiwan working environment and hope to bring new horizon for Taiwan industries. These are the brief introduction of the new policy and linkage for all relevant access. Home Page: Act for the Recruitment and Employment of Foreign Professional
1. The qualification of “foreign special professionals” has revealed.
Because this Act is focusing on the “Special” professionals, the qualification was not yet released and remained unclear. However, the qualification has finally revealed for each profession field. Applicant who met with one of the qualifications could be deemed as special professionals. For example:
A. Technology: unique talents or outstanding R&D ability or cutting-edge technological fields as software applications, software technology, nanotechnology, optoelectronics, information, and communication…etc.
B. Economic: professional technical capabilities related to crucial products, key components, or service models of industries…
C. Financial: professionals in financial technology, e-commerce, digital economy, technology management, and green energy technology, etc.
There are several fields like Education, Art & Culture, Sport, Law and Architecture. But be aware, some of the fields requires the applicant to meet “all” the qualifications listed, for example, the “Law field”. Qualification List.
A. Employment Gold Card Permits: Gold Card provided to special professionals with Work Permit, Residency and multi-reentry permit all-in-one card. And job-seeking visa.
B. Tax exemption: the first three years starting from the year when he/she for the first time has resided in the R.O.C. for a full 183 days of the year and has had an annual salary income of over NT$ 3 million, one half of the amount of the salary income exceeding NT$ 3 million of each such year may be excluded from the gross amount of consolidated income of the year for the assessment of individual income tax。
C. Several incentives on Health insurance, retirement pension and permanent residency for spouse and children.
D. Professionals like freelance artiste or professions in the field of cuisine, movie, animation who has not obtained bachelor’s degree, the application process is on the way.
3. Residents of Hong Kong or Macau
There are several amendments to the “Hong Kong and Macau residents Applications for entry and residency in Taiwan Area” and the terms for professionals in Hong Kong and Macau is also applicable for special professionals under the Act.
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