The Taiwanese government has proposed a set of tax incentives aimed at winning back investments held abroad by residents.
The suggestions, which were put forward by the government's Financial Supervisory Commission (FSC), are designed to discourage Taiwanese individuals from shifting capital offshore as a way of avoiding heavy taxes.
Late last month, proposals for a substantial cut in inheritance and gift taxes were approved by Taiwan’s cabinet after they concluded that the 50% levy on inheritance and gift taxes currently in place has prompted many wealthy Taiwanese to shift their money overseas.
Under the regime, which is yet to enter into force, the FSC aims to encourage the repatriation of Taiwanese capital in return for several large tax concessions. Those individuals transferring money back to local banks would then become exempt from having to pay tax on their savings, and would also be spared from the burdens of inheritance and gift tax for a period of 2-4 years.
The FSC is hoping that enough interest in the scheme will be generated in order to increase the value of assets under management in Taiwan by TWD9 trillion (USD270bn) by 2012.
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