It’s wise to start planning inheritance now against spendthrift kids. Here’s how.
The China Post
Date: May 30, 2017
By: The China Post
New tax rules governing inheritance and annual cash gifts took effect on May 20,
(Business Today)
replacing the existing 10 percent flat tax rate with a three-level progressive tax. How can you navigate the system to suit your needs?
“To be honest, as I get older, I knew I have to start thinking about property distribution, but the task is really complicated. It’s not just a matter of money. Sometimes when I start thinking about it, I get so frustrated that I just want to stop and do it later,” says 70-year-old Mrs. Chen, a retired civil servant. Mrs. Chen’s husband runs a small business and family finances are pretty good.
New Tax Rates: Top rate of 20% big enough to be felt
Under the new three-tier system, inheritance is taxed at 10 percent for amounts less than NT$50 million, 15 percent for NT$50-100 million and 20 percent for over NT$100 million. [FULL STORY]