Radio Taiwan International
A draft amendment that would raise the estate and gift taxes has passed its first reading in the Legislature.
Revenue from the proposed tax increase would be spent on meeting the long-term care needs of Taiwan’s rapidly aging population. If passed, the tax increase is expected to generate an annual NT$6.3 billion (US$204 million) in revenue.
At the Legislature Wednesday, Finance Minister Sheu Yu-jer said that the proposed changes would affect around 600 estates and 900 gift recipients per year. Sheu said that the tax increase represents a compromise meant to raise needed revenues while affecting the smallest number of people possible. [FULL STORY]