Mainland-Taiwan tax pact of mutual benefit

A mainland spokeswoman on Monday talked up cross-Strait plans for a pact on the avoidance of double taxation, after concern that it may lead to the exposure of people's personal data. The pact, currently being discussed by negotiators across the Strait, will benefit both sides, said Fan Liqing of the Taiwan Affairs Office of the State Council at a press conference. "The agreement will not expose Taiwan investors' personal information, and will reduce instead of increase taxes," said Fan, stressing that it will relieve the tax burden for cross-Strait investors and offer preferential tax rates. She expressed expectation that the agreement will be signed as early as possible. Plans for the pact come as yuan business has developed rapidly and with flourishing financial products since the currency clearing mechanism was put into operation in February last year. The mainland supports the offshore yuan capital development in Taiwan, Fan added.