Premier Wu Den-yih (吳敦義) yesterday expressed support for further cuts to the business income tax rate, a comment expected to help garner consensus among lawmakers across party lines to enact the draft on the promotion of innovative industries (產業創新條例).
When approached by reporters yesterday for comment on the draft, Wu said that despite a possible reduction in tax revenue, the cut would enhance the attractiveness of the country to foreign capital, speed up investment and create more jobs, thus increasing eventual tax revenues.
Without giving much detail, Wu cited the slash in estate and gift tax rate from 50 percent to 10 percent as an example of tax cuts working to help the government, saying that it brought more benefits than losses in tax revenue.
While the government initially wanted to keep the rate at 20 percent, the tax cut proposal, presented by Democratic Progressive Party (DPP) lawmakers, suggested cutting the business income tax rate to 17.5 percent. The proposal has since become one of the causes of deadlock over the draft in the legislature.
While Minister of Finance Lee Sush-der (李述德) had previously said the DPP caucus’ proposal would result in a loss of NT$40.3 billion (US$1.2 billion) in annual tax revenue, the government has nevertheless indicated a change in its position, with Executive Yuan Secretary-General Lin Join-sane (林中森) proposing the possibility of lowering the rate to 17 percent.
Chinese Nationalist Party Legislative caucus whip Lin Yi-shih (林益世) said yesterday the party caucus would concretize its position after making a comparison of the costs and benefits of setting the tax rate at 20 percent, 18 percent and 17 percent.
Last year, the business income tax rate was lowered from 25 percent to 20 percent, leading to an approximate loss of NT$80.8 billion in tax revenues.
Hong Kong singer Eason Chan’s (陳奕迅) concerts in Kaohsiung this weekend have been postponed after he was diagnosed with Covid-19 this morning, the organizer said today. Chan’s “FEAR and DREAMS” concert which was scheduled to be held in the coming three days at the Kaohsiung Arena would be rescheduled to May 29, 30 and 31, while the three shows scheduled over the next weekend, from May 23 to 25, would be held as usual, Universal Music said in a statement. Ticket holders can apply for a full refund or attend the postponed concerts with the same seating, the organizer said. Refund arrangements would
Former president Tsai Ing-wen (蔡英文) on Monday called for greater cooperation between Taiwan, Lithuania and the EU to counter threats to information security, including attacks on undersea cables and other critical infrastructure. In a speech at Vilnius University in the Lithuanian capital, Tsai highlighted recent incidents in which vital undersea cables — essential for cross-border data transmission — were severed in the Taiwan Strait and the Baltic Sea over the past year. Taiwanese authorities suspect Chinese sabotage in the incidents near Taiwan’s waters, while EU leaders have said Russia is the likely culprit behind similar breaches in the Baltic. “Taiwan and our European
Taiwanese indie band Sunset Rollercoaster and South Korean outfit Hyukoh collectively received the most nominations at this year’s Golden Melody Awards, earning a total of seven nods from the jury on Wednesday. The bands collaborated on their 2024 album AAA, which received nominations for best band, best album producer, best album design and best vocal album recording. “Young Man,” a single from the album, earned nominations for song of the year and best music video, while another track, “Antenna,” also received a best music video nomination. Late Hong Kong-American singer Khalil Fong (方大同) was named the jury award winner for his 2024 album
The US Department of State on Monday reaffirmed that US policy on Taiwan remains unchanged, following US President Donald Trump’s use of the term “unification” while commenting on recent trade talks with China. Speaking at a wide-ranging press conference, Trump described what he viewed as progress in trade negotiations with China held in Geneva, Switzerland, over the weekend. “They’ve agreed to open China — fully open China, and I think it’s going to be fantastic for China. I think it’s going to be fantastic for us,” Trump said. “I think it’s going to be great for unification and peace.” Trump’s use of the
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