CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Taiwan Hikes Inheritance, Cigarette Taxes

Taiwan Hikes Inheritance, Cigarette Taxes

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

13 January 2017


Parliamentary approval was received on January 11 for the Taiwanese Government's proposals to hike cigarette and inheritance taxes, to find the extra funds needed to finance a long-term elderly care program.

The first proposal would increase cigarette tax by TWD20 (USD0.63) per pack of 20 cigarettes. The taxation of a pack of cigarettes in Taiwan currently consists of a cigarette tax of TWD11.80, plus a health and welfare surcharge of TWD20. Under the proposal, the surcharge would remain unchanged.

In addition, the country's current 10 percent inheritance and gift tax rates would be increased to a maximum of 20 percent. The rates would rise on a progressive basis, depending on the size of the bequest or gift.

It is expected that the additional annual tax revenue received from the rate increases will be some TWD28.8bn, to be used to provide a stable funding source for the Government's Long-term Care Services Act.

TAGS: individuals | inheritance tax | tax | Taiwan | excise duty | tax rates | gift tax

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »