President Ma Ying-jeou (馬英九) yesterday affirmed legislative efforts to lower the business income tax to 17 percent, saying it would increase Taiwan’s competitiveness.
The Chinese Nationalist Party (KMT)-controlled legislature voted on Friday in favor of the KMT caucus’ proposal to amend the Income Tax Act (所得稅法), which will lower the business income tax rate from 20 percent to 17 percent. The new regulation will apply to earnings starting this fiscal year.
Ma yesterday said the legal revision would take effect after he signs it into law next week. The new tax rate would be the same as that of Singapore, he said. Although the cut will reduce tax revenues, it has been estimated that it will create business opportunities worth about NT$69 billion (US$2.15 billion) and that the shortfall could be offset by other taxation.
Most importantly, the new rate will increase Taiwan’s competitiveness with other countries, he said as he addressed an event held in Taipei County’s Banciao City to mark the 10th anniversary of an association for people originally from Changhua that live in Taipei County.
Ma said the economy has bounced back from last year’s trough and is continuing to pick up, adding that the growth is projected to be sustained during the second half of the year. The number of salary workers taking unpaid leave has dropped from 230,000 to 1,000, he said. Unemployment also fell to 5.39 percent last month, the eighth consecutive decline since June last year, he said.
With public consumption restored and exports increasing, Ma said this year’s economic growth has been adjusted upward from 3.39 percent to 6.14 percent.
As for a government initiative to cut carbon emissions, Ma said the government had originally planned to lower carbon dioxide levels to that of 2008 by 2020, but now he was proud to say that it can be reduced to the standard of 2005 by 2020 and to that of 2000 by 2025.
Palauan President Surangel Whipps Jr arrived in Taiwan last night to kick off his first visit to the country since beginning his second term earlier this year. After arriving at Taoyuan International Airport at around 6:30 pm, Whipps and his delegation were welcomed by Minister of Foreign Affairs Lin Chia-lung (林佳龍). Speaking to gathered media, the Palauan leader said he was excited and honored to be back in Taiwan on his first state visit to Taiwan since he was sworn in this January. Among those traveling with Whipps is Minister of State Gustav N. Aitaro, Public Infrastructure
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