With the legislature scheduled to approve tax reductions soon, the Chinese Nationalist Party (KMT) caucus yesterday voiced support for granting businesses tax breaks.
KMT caucus deputy secretary-general Lo Shu-lei (羅淑蕾) told a press conference that she believed the government would be more than happy to grant tax reductions to businesses if it would help the economy.
KMT Legislator Wu Ching-chih (吳清池) also supported the idea, saying that this would help reduce the burden on businesses.
“This measure is necessary at such an unusual time,” Wu said.
KMT legislators also lauded the government’s plan to increase four individual income tax deductions.
The legislature’s Finance Committee passed the preliminary review of a proposed amendment to the Income Tax Act (所得稅法) on Monday after the Cabinet and lawmakers reached a consensus regarding the increases.
AMENDMENT
In accordance with the proposed amendment, the standard tax deduction for individual income would be raised from the current NT$46,000 to NT$73,000 for unmarried taxpayers and from NT$92,000 to NT$146,000 for married couples.
A salary or wage earner’s special deduction would be increased from NT$78,000 to NT$100,000, while the deduction for the disabled would also be raised from the current NT$77,000 to NT$100,000.
The proposed amendment would also grant a deduction of NT$25,000 per student in each household for higher education expenses, rather than the current NT$25,000 for each tax return.
NEXT YEAR
KMT Legislator Lu Shiow-yen (盧秀燕) had proposed that the proposed amendment take effect on Jan. 1 so that taxpayers would have a break during the tax reporting season in May.
Lo gave the government credit for pushing the tax break during “such a difficult time.”
“Many people complained that the cuts were not enough, but the government suffers from a serious financial deficit,” she said.
KMT Legislator Lin Te-fu (林德福) said the plan showed that the government sympathized with people’s suffering, adding that he would throw his support behind the amendment during the legislature’s second and third readings of the bill.
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