The Taiwanese Parliament has given its approval to a plan aimed at increasing the tax thresholds for individuals, it has been announced.
Announcing the news on December 12, Vice President of the Legislative Yuan, Tseng Yung-chuan, explained that the move had been made in a bid to try to encourage greater domestic consumption amid the economic downturn, and would come into effect before the end of this year.
Aside from the increase in tax thresholds, Taiwan's government has spent much of the year implementing other measures which will increase economic growth, such as boosting cash flow within the infrastructure sector and distributing shopping vouchers to try to encourage spending.
The latest initiative will see tax threshold limits for individuals, married couples and disabled people all increase.
The basic allowance for individual salaries will be increased from TWD78,000 (USD2,366) to TWD100,000, with the allowance for married couples increasing to TWD146,000 from the previous TWD120,000.
Taxpayers will benefit from the effects of the exemptions when they file their tax returns next year. It is estimated that the new limits will reduce revenues by around TWD21.8bn on an annual basis.
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