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 Proposes Inheritance, Cigarette Tax Hikes

Taiwan Proposes Inheritance, Cigarette Tax Hikes

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

24 October 2016


To find the extra funds needed to finance a long-term care program, the Taiwanese Government has proposed legislation for parliamentary approval that would hike cigarette and inheritance taxes.

The first proposal, to provide additional tax revenue of TWD15.8bn (USD497m) per year, would increase cigarette tax by TWD20 per pack. 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, to generate a further TWD6.3bn annually, the country's current flat 10 percent inheritance tax for all estates would become progressive. It is expected that the current rate (after deductions) would be maintained for estates of less than TWD50m, while rates of 15 percent and 20 percent would be introduced for estates between TWD50bn and TWD100bn, and over TWD100bn, respectively.

TAGS: inheritance tax | tax | fiscal policy | law | Taiwan | excise duty | legislation | tax rates

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 »