Lawmakers yesterday expressed skepticism about the Ministry of Finance's Alternative Minimum Tax proposal, saying that the exclusion of individuals' overseas income and the continuation of five-year tax breaks for prospective businesses have created loopholes in the landmark taxation reform.
The ministry's revised draft proposal obtained the Cabinet's approval late last month.
Ahead of formal legislative discussion of the proposal next week, the Taiwan Solidarity Union's (TSU) legislative caucus yesterday invited Minister of Finance Lin Chuan (
TSU Legislator Kuo Lin-yung (
In response, Lin said that taxing overseas income has been listed as a mid-term goal. However, as taxation of foreign income involves complex factors and requires time to draw up well-rounded measures, the ministry will address the controversial issue in the next stage of tax reforms.
Chien Hsi-chieh, convener of the pan-purple alliance, said that only by establishing a fair taxation system can a nation develop a sound financial system.
However, 15 of Taiwan's 40 richest people managed to pay tax at a rate of just 1 percent, which might lead to serious social problems and give rise to criticism that the government robs the poor to benefit the rich, he said.
TSU Legislator Lai Shin-yuan (賴幸媛) said she disapproved of the proposal's
continuations of the five-year tax exemption for new businesses in
accordance with the Statute for Upgrading Industries (促進產業升級條例).
These companies will not be included in the new scheme's tax base.
She added that this design has fallen short of the public's expectations for
building an integrated tax system.
Lin Mei-hsueh (林美雪), director of the Industrial Development Bureau's
industrial policy division, said the government has to keep its promises to
businesses that decided to invest in Taiwan because of the five-year
tax-free incentive.
Maintaining consistency in the implementation of government policies is more
important than helping prospective business groups to turn a profit, she
said.
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
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