Workshop on the Company Act
The ECCT's Tax committee hosted a workshop on the topic "Time to overhaul the Company Act". It was arranged to discuss the proposed overhaul of Taiwan's Company Act, which, if enacted, will affect all companies and investment activities in Taiwan. Presenters at the workshop included members of a steering committee of scholars, industry and government, who were tasked with drafting amendments to the Company Act. The half-day workshop was followed by networking lunch which included an interactive Q&A session moderated by Lorene Chen, Co-chair of the Tax committee. The presenters were Faung Kai-lin, Professor, National Chengchi University (NCCU); Chu Te-fang, Professor, NCCU; Vivian Ho, Tax Partner, KPMG; Tseng Wang-ruu, Professor, NTU; Huang Ming-jye, Professor, NTU and Chen Yen-liang, Professor, NTPU.
The Company Act was first enacted in 1966, and the last round of major amendments was made in 2001. Since then, significant changes have occurred in Taiwan in terms of industrial development, demographic structure, as well as the international economic environment. Many challenges have arisen as a result, such as the transformation of industries, the emergence of micro e-commerce businesses, the aging of the population, and growing awareness of environmental sustainability, rendering the Company Act outdated in the light of these changes and challenges.
To study and attempt to address these changes and challenges a "Steering Committee of Company Act Reform" was initiated by a few devoted scholars and set up in February 2016 with more than 70 participants from multiple industries, government and universities to study each relevant topic extensively and propose amendments to the Company Act.
After ten months of work and strenuous efforts, the steering committee recently completed the project and presented their report and recommendations. At the workshop, presenters highlighted the main findings and recommendations of their report, including key proposed amendments relevant to foreign operations and investments in Taiwan and how ECCT members can provide feedback on the proposals.