The government of Taiwan has confirmed that it will seek a 50% cut in tax on securities transactions as part of a multi-billion dollar economic stimulus package.
The government announced in a statement that the proposal to cut the stock transaction tax by half to 0.15% from 0.3% will be referred to the assembly for approval when the new legislative session opens on September 19. The tax cut would take effect soon after this approval was obtained, the government stated.
The stock tax cut forms part of a wider package of measures worth some TWD180bn (USD5.6bn), agreed by the cabinet on Thursday, which aim to put the stuttering economy back on track.
Included in this package is a five-year tax break for businesses who invest in certain manufacturing and technical operations until the end of next year, backdated to July 2008.
The proposals also provide about NTD13.5bn in new subsidies for low income families.
In a statement following the finalisation of the plans, the cabinet said that it expects the stock tax cut to "restore investor confidence," and the package as a whole to "foster consumption and boost investment."
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