Minister of Finance Chang Sheng-ford (張盛和) yesterday said that increasing the number of deductions taxpayers can claim to decrease their income tax burden would not be a tax cut and is by no means pork barrel politics.
“This probably would not win over [voters],” Chang said, amid doubts that the ministry’s motivation in broaching possible changes was to woo voters prior to next month’s presidential and legislative elections.
He said the government was reacting to proposed changes to the income tax system suggested last week by Democratic Progressive Party (DPP) Legislator Hsueh Ling (薛凌) and several other lawmakers.
“There are about 45 such proposals,” Chang said, saying that the timing was not decided by the ministry, but that it would study all of the proposals and decide which ones to include in a plan to be submitted in the next legislative session next year.
However, Chang said that the ministry agrees that a change is needed after reviewing the system, and realizing that it should be better adapted to Taiwan’s aging society, low birth rate and the need to promote vocational education.
The number of deductible items has not been changed for many years, and tax waivers and deductibles account for about 62 percent of all taxable income reported by individuals, Chang said.
“We will discuss the present tax system under the premise of not further eroding the tax base to meet present demands,” he said.
Regarding what new deductible items could be added to the income tax code, Chang cited expenses for post-natal care centers and preschool education in view of the nation’s declining birth rate.
He also suggested the cost of providing long-term care for senior citizens — a big expense for many families — could also be included among deductibles, as could tuition for vocational education.
While the DPP is expected to gain control of the legislature after next month’s elections, the incumbent government would still be in power until May 19, Chang said, adding that any proposed change to expand the list of deductibles might not pass in the next legislative session.
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