Executive Yuan passes tobacco, inheritance tax draft amendments

The China Post
Date: October 21, 2016
By: Sun Hsin Hsuan

TAIPEI, Taiwan — The Executive Yuan passed two draft amendments Thursday that, if approved by the Legislative Yuan, would increases taxes on tobacco purchases and on inherited assets valued at more than NT$50 million.

The amendments to the Estate and Gift Tax Act and the Tobacco and Alcohol Tax Act were passed at the Executive Yuan on Thursday morning in an attempt to create a stable source of funding for a long-term care program spearheaded by President Tsai Ing-wen.

Citing statistics from the Health and Welfare Ministry, the Finance Ministry said Thursday that smokers in the nation are currently charged a 48-percent tax rate on each package of cigarettes they purchase.

The number lags significantly behind the World Health Organization’s recommendation for tobacco taxation, which advises taxing no less than 70 percent of the price of cigarettes, officials said.     [FULL  STORY]

Leave a Reply

Your email address will not be published. Required fields are marked *

I accept the Privacy Policy

This site uses Akismet to reduce spam. Learn how your comment data is processed.