Taiwan: Yongfeng Bank Is Thinking About The Global Layout Of Textile Industry.

The Yongfeng bank and the Jianye joint accounting firm held the "2019 overseas taxation substantive seminar". Lin Hongyang, senior vice general manager of Yongfeng bank, pointed out that under the international trend of CRS (joint declaration standard), Yongfeng will assist the textile industry to inspect the family investment and company organization from multiple angles and find the best solution for capital allocation and tax planning.

During the flourishing period of textile industry, there are about 5000 businesses in Taiwan. After 30 years of layout adjustment, it has been thriving all over the world and is still in the fourth largest industry of Taiwan's trade surplus.

Lin Hongyang pointed out that Taiwan's textile industry has a place in the world, for example, sports related products are widely praised.

Over the years, Yongfeng has established its global layout with its textile operators through platforms such as Taiwan, China, Hong Kong, Macau, Vietnam and the United States, combined with securities, venture capital and leasing platforms.

Lin Hongyang pointed out that under the trend of international tax pparency and money laundering prevention, the textile industry mainly based on triangular trade mode has the need to re examine its pnational investment structure and tax administration and seriously consider the allocation of funds.

Lin Hongyang said that in addition to providing corporate funding to return to Taiwan for consultation, funding and equity structure or family inheritance and other solutions, Yongfeng is also actively working with the blue label standard (bluesign standard) textile operators to take account of industrial development and environmental protection, and build a better home.

KPMG Hou Jianye, an accountant of the Ministry of Taxation, Cai Wenkai, pointed out that the draft substantive economic implementation rules of Cayman and BVI (British Virgin Islands) and other places continued to come out. It was suggested that the local group holding or shareholding family holding should be examined in terms of its organizational structure and functionality, business or equity adjustment tax burden, costs and subsequent declaration of tax compliance, in order to effectively assess and return investment plans.