Regulations This section aims to address certain regulations that Foreign Institutional Investor (FINI) investing in Taiwan securities market normally encounters.     Appointment of Tax Agent   Under Article 6 of the “Regulations Governing Securities Investments by Overseas Chinese and Foreign Investors” promulgated by the Ministry of Finance (MOF) on March 1, 1996 and the MOF interpretation letter Tai Tsai Hsui No. 85-1909001, issued on June 19, 1996, overseas Chinese or foreign investors (including individual and corporate) are mandatorily required to appoint an R.O.C. national or a registered company (excluding professional accounting and law firms) as their agent/representative for purposes of repatriating the earnings generated from their investments in the local securities market.     Relief at Source Pre-approval Application   Under Article 15 of the “Regulations Governing the Application of Agreements for the Avoidance of Double Taxation with respect to Taxes on Income”, the income from dividends and interests sourced in the Republic of China (R.O.C.) of a resident of the other Contracting Country/State who has no Permanent Establishment (PE) or fixed base in the territory of the R.O.C., is subject to withholding tax in the R.O.C. at reduced withholding tax rate prescribed for said Contracting Country/State under the respective Double Taxation Agreements (DTAs). Such reduced tax rate is apparently lower than the withholding tax rates normally prescribed under the Standard of Withholding Tax Rates for Various Income.     Tax Refund Application   Under the MOF interpretation letter Tai Tsai Hsui No. 09604514330, issued on April 26, 2007, the FINI can apply to adopt the reduced withholding tax rate on its dividends and interest income generated from the Republic of China under the DTA.　Currently, the countries with DTAs with Taiwan include Australia, Austria, Belgium, Canada, Denmark, France, Gambia, Germany, Hungary, India, Indonesia, Israel, Italy, Japan, Kiribati, Luxembourg, Macedonia, Malaysia, The Netherlands, New Zealand, Paraguay, Poland, Senegal, Singapore, Slovakia, South Africa, Swaziland, Sweden, Switzerland, Thailand, Vietnam and United Kingdom. Note: The regulations above are based on the current existing government pronouncements and are subject to change from time to time as the government deems necessary. Therefore, we shall be consulted the actual applications of these regulations.       @ 2017 M.Y. Consulting Co., Ltd.. All rights reserved.