[Investment] Extension of Tax Refund Benefits for Foreign Visitors

The government intends to spur domestic consumption by making it more convenient for foreign visitors to claim business tax refund. Under present regulations, foreign visitors and ROC passport holders without a local ID number can reclaim 5% on departure if they spent at least NT$3,000 at designated stores. The main improvements would be to offer visitors more places to spend and to claim the refunds, while also speeding up the service, the minister said. The government has been trying to boost domestic spending as a way out of the global economic crisis. Its most high-profile measure so far was the campaign, beginning on January 18, to issue NT$3,600 worth of consumption vouchers to more than 23 million citizens and residents. The increased consumption is expected to compensate for the country’s falling exports and rising unemployment as a result of falling demand for Taiwanese products overseas.