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Taiwan Announces Radical Income Tax Reforms

by Mary Swire, Tax-News.com, Hong Kong

11 September 2017


Taiwan has announced plans to hike corporate tax, increase individual income tax relief, and hike withholding tax on dividend payments to non-residents.

The changes were announced in a draft tax bill, which will be tabled before the legislative assembly by the end of the month.

Under the bill, corporate income tax will be hiked to 20 percent from 17 percent. Meanwhile the additional tax on undistributed profits will be lowered from 10 percent to five percent.

The top personal income tax rate will be lowered to 40 percent from 45 percent, and tax concessions for workers and persons with disabilities will be enhanced.

Alongside an overhaul of imputation system covering the taxation of dividends at domestic level, Taiwan will hike the withholding tax rate on dividend payments to non-resident companies and individuals to 21 percent from 20 percent.

TAGS: individuals | Finance | tax | investment | business | Taiwan | tax credits | tax rates | withholding tax | dividends

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