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法律與法規命令

Tax Act:
The Management, Utilization, and Taxation of Repatriated Offshore Funds Act
Article 6
Content:
The funds deposited into the segregated foreign exchange deposit account specified in Paragraphs 1 and 2 of the preceding Article shall be managed and utilized according to the following regulations:
1. The funds could be withdrawn and engaged in investments according to Article 7 or Article 8.
2. Up to 5% of the funds could be withdrawn and freely utilized.
3. Up to 25% of the funds could be withdrawn from the segregated foreign exchange deposit account and deposited into a segregated trust account or a segregated securities discretionary investment account and engaged in financial investments.

One-third of the funds managed and utilized according to Subparagraph 3 of the preceding Paragraph could be withdrawn upon the elapse of five full years after the date of depositing them into the segregated foreign exchange deposit account; another one-third of the funds could be withdrawn upon the elapse of six full years; the remaining one-third of the funds could be withdrawn upon the elapse of seven full years. The funds which are not managed and utilized according to Subparagraphs 1 and 3 of the preceding Paragraph should be deposited in the segregated foreign exchange deposit account for five years. After the expiry of the said period, the funds could be withdrawn over a period of three years according to the aforementioned regulations.

The funds deposited into a segregated foreign exchange deposit account and the funds managed and utilized according to Subparagraphs 1 and 3 of Paragraph 1 shall not be used for purposes other than those specified in  previous regulations, nor pledged nor provided as security, nor by any other use which would reduce their value.

From the date of depositing the funds into a segregated foreign exchange deposit account, the account-handling bank shall, by the end of January of each year, report the information on the status of the management and utilization of the funds repatriated and deposited in the segregated foreign exchange deposit account, segregated trust account, and segregated securities discretionary investment account in the preceding year, to the tax authority-in-charge for recordation in the prescribed format and notify the FSC of the same.

Where the funds are used in violation of the provisions of Paragraphs 2 and 3 of this Article, the tax payable shall be withheld by the account-handling bank at 20% if the funds are withdrawn, used for purposes other than those mentioned in the preceding regulations, pledged and provided as security, or reduced in value in any other way, unless the funds are used in accordance with Paragraph 3 of Article 7 or Paragraph 5 of Article 8. Where the funds as prescribed in Subparagraph 2, Paragraph 1 of this Article are found being used for purchasing real estate within five years from the date of depositing them into the segregated foreign exchange deposit account, the funds shall be taxed at 20% by the tax authority. The tax already paid for the aforementioned funds in accordance with Paragraph 1 or 2 of the preceding Article can be deducted from the aforementioned tax withheld.

Regulations governing the scope and manner of management and utilization of the funds in a segregated trust account and segregated securities discretionary investment account as referred to in Subparagraph 3 of Paragraph 1 and other related matters shall be prescribed by the FSC.
 Update:2019-09-20

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