The brief, harsh history of the capital gains tax

"Before we can levy a capital gains tax, a complete legal framework for the securities market is required," said Norman Yin (殷乃平), professor of Cheng-chi University. "To remove dummy accounts, for example, we need strict laws and regulations to punish the behavior, as in South Korea. Any person involved in such behavior will also ruin his record for the rest of his life. Without an improvement of discipline in the securities market, we will not be able to collect a capital gains tax in Taiwan."