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Taiwan Considering Personal Income Tax Cuts

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

28 October 2016


Taiwan's Ministry of Finance has disclosed that it is studying cuts to personal income and dividend taxes for inclusion in its 2017 tax reform plans.

At a press conference in Taipei on October 27, Minister of Finance Sheu Yu-jer said that legislation could be introduced "in April or May next year" to give effect to tax reductions, although the Ministry would need to be sure that revenue targets would still be met if the measures were adopted.

It has been indicated, for example, that five million taxpayers could see tax reductions if the standard individual income tax deduction were raised to TWD128,000 (USD4,040) from the present TWD90,000.

It has also been suggested that there could be a realignment of the individual income tax rates of up to 45 percent payable by domestic investors on dividends received, and the flat 20 percent payable by foreign investors.

It was said the tax cuts are possible because tax revenues have been higher than expected so far this year despite weak economic growth.

TAGS: individuals | tax | investment | law | equity investment | Taiwan | ministry of finance | legislation | tax rates | dividends | tax reform | individual income tax

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