BENEFICIARIES:The adjustment in the taxable threshold should benefit more than 6 million taxpayers who could save an average of NT$1,776, the Ministry of Finance said
Date: Dec 13, 2016
By: Crystal Hsu / Staff reporter
The Ministry of Finance yesterday raised the taxable thresholds for personal income taxes after consumer prices rose more than 3 percent in the past four years, triggering the upward adjustment.
The ministry published the adjustments on its Web site, which it expects to benefit more than 6 million taxpayers who could save an average of NT$1,776 (US$55.74) in tax burdens in May next year.
“Consumer prices rose 3.06 percent between 2013 and this year, meeting the requirement to elevate the taxable threshold on income taxes from NT$85,000 to NT$88,000,” the ministry said in statement.
A total of 6.08 million people filed income taxes last year, with 2.25 million spared paying income tax due to tax breaks and credits, the ministry said. [FULL STORY]