SACRIFICE:Minister of Finance Sheu Yu-jer said that his ministry will not stand by the requirement to keep overall tax revenues flat, as losses appear to be necessary
Date: Jan 20, 2017
By: Crystal Hsu / Staff reporter
The Ministry of Finance will make income tax reform its top priority this year while safeguarding the interests of state-run financial institutes that are due for board reshuffles, Minister of Finance Sheu Yu-jer (許虞哲) said yesterday.
The ministry plans to raise the business income tax rate from 17 percent and lower the cap on personal income tax, which stands at 45 percent, to help retain skilled professionals and make the distribution of the nation’s wealth more equitable, Sheu said without providing details.
“The ministry will no longer stand by the requirement to keep overall tax revenues unchanged, as tax losses appear necessary to support the economy for the time being,” Sheu said.
Sheu had previously said that tax cuts for some must entail tax increases for others to protect the nation’s financial health. [FULL STORY]