WORLD FIRST:The cut is expected to reduce state coffers by NT$3.75 billion and NT$10 billion daily turnover will be needed to offset that loss. Some lawmakers backed a bigger cut

Taipei Times
Date: Apr 12, 2017
By: Staff writer

The Legislative Yuan yesterday passed a bill to cut day trading transaction taxes by half for one year to boost stock transactions.

Lawmakers went ahead with the bill proposed last year when the local bourse was affected by sluggish trade.

Daily turnover has recovered above the NT$100 billion-level (US$3.26 billion) due to inflows to emerging markets, especially in Taiwan.

The new law, which will cut the stock transaction tax from 0.003 percent to 0.0015 percent, could take effect later this month, Minister of Finance Sheu Yu-jer (許虞哲) said.

The tax cut would reduce the state coffers by NT$3.75 billion a year, the minster said, adding it would require an NT$10 billion increase in average daily turnover on the local bourse to offset the revenue loss.    [FULL  STORY]