Taiwan's Ministry of Finance has issued an English-language release clarifying the application of the dividends withholding tax as increased from 20% to 21% effective 1 January 2018. In particular, the release notes that the increased rate applies for dividend and earning distributions paid from 1 January even if the vote to distribute took place earlier. Note - As part of Taiwan's recent tax reform ({News-2018-01-23/A/2-previous coverage}), the credit for the retained earnings tax paid when dividends are distributed to foreign shareholders is abolished, although the credit is allowed for dividends declared in 2018 as part of a transition.