Personal income tax deductions in Taiwan look set to increase in time for the filing of tax returns for 2008, under amendments to the income tax law currently making its way through the national legislature.
The news was revealed by Minister of Finance, Lee Sush-der, after the completion of the finance committee stage of the Legislative Yuan's reading of the amendments, and will see four major consolidated income tax deductions increased from May 2009, to coincide with the filing of 2008's tax returns.
The Minister explained that as of 2009, the average deduction from individual income for unmarried people will increase from the current TWD46,000 (USD1,368) to TWD60,000, and for married couples it will be raised from TWD92,000 to TWD120,000.
It has been estimated that the increases are likely to affect around 3.6 million Taiwanese individuals, which is 69% of the country's taxpaying population.
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