Winning ticket holders of Taiwan Lottery or the Unified Invoice Lottery, as the system currently stands, have to pay 20 percent income tax on winnings worth NT$2,000 and above. As the threshold has existed unchanged for over 40 years, Democratic Progressive Party Legislator Shih Yi-fang has proposed a bill raising the threshold to NT$5,000. In response, Minister of Finance Su Jain-rong has promised to conduct a review and issue a report within the next three months. The ministry is expected to issue a preliminary report shortly that will detail amendments to the Standards of Withholding Rates for Various Incomes regulation. It is anticipated that this will include raising the tax-free threshold for lottery winnings from NT$2,000 to NT$5,000, coming into effect as early as December.
During a question and answer session of the Legislative Yuan’s Finance Committee in early April, Shih said that although last year Taiwan Lottery scratchcards sold like hot cakes during the Lunar New Year break, due to the 20 percent tax levy, a member of the public who wins a NT$2,000 prize actually only receives NT$1,600. He gave the example of someone who spends NT$4,000 to purchase two NT$2,000 Taiwan Lottery tickets: one of the tickets wins a NT$5,000 prize, but after income tax is deducted at 20 percent — leaving NT$4,000 — and a further NT$20 of stamp duty is paid, the person is actually out of pocket by NT$20.
Shih believes that since the Standards of Withholding Rates for Various Incomes has remained unchanged since 1979, an adjustment is now due. According to data from the Directorate-General of Budget, Accounting and Statistics, in 1979 NT$2,000 was worth NT$4,968 in today’s money. Shih says the ministry should therefore move with the times and raise the tax-free threshold for lottery winnings from NT$2,000 to NT$5,000.
Photo: Tsai Shu-yuan, Liberty Times
Ministry officials say that the changes will not come into effect until December due to the requirement for a communication period, and because businesses may need to make adjustments to their systems
(Translated by Edward Jones, Taipei Times)
Photo: Cheng Chi-fang, Liberty Times
Are you sitting on a winning ticket?
Don’t pass up a lucky encounter with the God of Wealth. Although the winning numbers for March and April’s Unified Invoice Lottery were released on May 25, there are still unclaimed invoices out there for the Jan-Feb period. The invoices in question, with the number 00106725, are for the NT$10 million (approx. US$318,000) special draw, and were among 20 winning invoices. For the Jan-Feb period there are currently a total of five unclaimed invoices, including one obtained after purchasing three Taiwan Railways boxed lunches.
The Ministry of Finance says that for the Jan-Feb period there was an unprecedented number of 20 winning invoices for the Unified Invoice Lottery. Five of the unclaimed invoices are for the NT$10 million jackpot, while three are worth NT$2 million. The deadline to claim winning invoices from January and February is July 5 and the ministry urges anyone with a winning invoice to quickly claim their prize.
(Translated by Edward Jones, Taipei Times)
1. income tax phr.
所得稅(suo3 de2 shui4)
2. threshold n.
3. promise v.
4. sell like hot cakes phr.
(mai4 de5 fei1 chang2 hao3)
5. deduct v.
6. stamp duty phr.
(yin4 hua1 shui4)
7. move with the times phr.
(shun4 ying4 shi2 ju2)
8. come into effect phr.
(shang4 lu4; sheng1 xiao4)
9. communication period phr.
宣導期(xuan1 dao3 qi2)
Bananas are one of the most commonly seen and eaten fruits. Eating bananas brings many benefits, such as replenishing energy and lowering blood pressure, and can even improve your mood. There is a rumor going around online that you should not eat bananas every day because they are a high-potassium food that can damage your kidneys if you eat too many, but the Health Promotion Administration (HPA) says only people with impaired kidney function have a metabolic deficiency that compels them to avoid eating bananas every day. Bananas are classified as a medium-potassium food, containing about 325 milligrams of potassium per
Armed with buckets and bailers, hoes and sickles, 100 elderly residents of Hsinchu County’s Guansi Township Old Bridge Landscape Volunteer Association set off from Ox Pen Riverside Park to carry out a clean-up operation upstream and downstream of Dongan Old Bridge. The volunteers first set about removing weeds and cleaning up litter, and then began planting trees, flowers and plants. To date, the group has planted more than 3,000 specimens. The volunteers did not put their feet up during the Lunar New Year holiday period and took turns to patrol the area and water and tend to the plants and
A: Don’t forget, the class selection period begins tomorrow. B: Wow, thanks for reminding me. I had completely forgotten! A: Are you brain dead after the Lunar New Year? B: You bet. My head is full of nothing but good food and computer games. A: We have a whole week for the class selection, but the popular classes will fill up very quickly, so we should get a shift on. A: 加退選的時間從明天開始喔，不要忘記了！ B: 哇，謝謝你提醒。我都忘得一乾二淨了！ A: 過個年腦袋都空掉了，是吧？ B: 對呀，我現在滿腦子只有美食和電玩。 A: 雖然加退選的時間有一個禮拜，可是熱門的課名額很快就滿了，我們手腳還是要快一點。 （Translated by Paul Cooper, Taipei Times／台北時報林俐凱） English 英文: Chinese 中文: