By: Central News Agency
Revenue generated from personal income taxes for 2015 rose more than 20 percent from a year earlier partly due to measures that increased the tax burdens of stockholders and high income earners, the Ministry of Finance (MOF) said Friday.
Citing preliminary statistics, the ministry said revenue from personal income taxes on 2015 income totaled NT$143.24 billion (US$4.43 billion), up NT$25.2 billion, or 21.37 percent, from a year earlier.
One of the two tax measures that took effect on income earned in 2015 was an increase in the highest marginal income tax rate to 45 percent from 40 percent, assessed on taxable income above NT$10 million a year.
The previous government under President Ma Ying-jeou made the move to narrow a widening wealth gap in Taiwan, and an estimated 9,500 taxpayers were expected to be subject to the higher tax rate in 2015. [FULL STORY]