Taxation in Taiwan

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Minister of Finance Su Jain-rong (???) on his first day in office yesterday said he would pursue a more equitable taxation system and bolster the nation’s financial health without hurting the economy.

The Ministry of Finance’s tax-filing system experienced severe slowdowns on Monday as a large number of people took advantage of the Labor Day holiday to submit their tax returns online or at tax offices, officials said.

The government yesterday said that decisions regarding tax reductions on local capital markets would be deferred until next year, as securities brokerages raised concerns about the waning turnover on the local bourse.

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

As governments across the island prepare to raise the house tax next year, former Premier Sean Chen (??) blasted the move as “unconstitutional” and suggested that the tax be annulled completely in an op-ed published in local media yesterday.

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