Focus Taiwan
Date: 2018/01/18
By: Huang Ya-chuan, William Yen and S.C. Chang

Taipei, Jan. 18 (CNA) A new tax reform bill passed on Thursday raises the personal

CNA file photo

standard deduction of comprehensive tax and the corporate income tax rate for companies, decreasing contributions from individuals but requiring businesses to make up the shortfall, said Lai Cheng-i (賴正鎰), head of the General Chamber of Commerce of the Republic of China, who suggested the move is intended win votes at the ballot box.

Lai made his remarks following the passing by the Legislative Yuan on Thursday of a tax reform bill that increases the corporate income tax rate from 17 percent to 20 percent. In addition, the rate for small and medium-sized enterprises (SMEs) with taxable income less of than NT$500,000 will be raised to 18 percent, 19 percent and 20 percent over the next three years.

Other measures increase dividend income tax from 26 percent to 28 percent, while retained earnings will be taxed at five percent and the personal standard deduction of comprehensive tax will be raised from NT$90,000 to NT$120,000    [FULL  STORY]