The Ministry of Finance yesterday blocked 13 tax reduction bills proposed by lawmakers, which, if they had passed, would have seen tax revenues shrink by NT$77 billion (US$2.4 billion) a year.
The legislature's Finance Committee met yesterday to amend Article 17 of the Income Tax Law (所得稅法).
Faced with a wide array of tax abatement proposals that covered everything from education expenditure to house rents to cultural performance sponsorships, Minister of Finance Ho Chih-chin (
He said that as a total of 12.5 million people out of the nation's 23 million population do not have to file income tax returns or enjoy a zero percent tax rate, the ministry believed that direct subsidies, instead of tax reductions, would have a greater impact.
In addition, a major tax reduction bill that passed preliminary review in the legislature last week could now face obstacles.
Last Wednesday, the committee agreed that reductions on tuition fees would be raised from NT$25,000 per household to NT$25,000 per student. Children aged between 3 and 5 would benefit from the proposal, although the measure would cost the treasury NT$4 billion if approved.
Democratic Progressive Party lawmakers reversed the proposal yesterday, citing flaws in the committee meeting records.
Charming US President Donald Trump one week, angering China the next, Japanese Prime Minister Sanae Takaichi has had a busy start and is riding high in the polls, all on a few hours of sleep a night. However, the honeymoon might end soon for the Margaret Thatcher-admiring leader if a spat with China escalates further and she fails to keep inflation in check. “I believe Prime Minister Takaichi will surely do what she needs to do, so I trust her,” Kozue Otsuka, 50, told reporters at a festival this week for business owners seeking good fortune. While buying a lucky kumade rake featuring
INSULATED: The company said it is less exposed to global complications, as it has built a strong footprint worldwide, and has multiple sources of rare earths and raw minerals Merck Group yesterday said it would ramp up production next year at its new flagship facility in Kaohsiung’s Lujhu District (路竹) to satisfy growing demand for advanced semiconductor materials and specialty gases, and to address supply resilience issues amid mounting geopolitical risks. Merck made the remarks during a news conference before the inauguration of its 500 million euros (US$582.1 million) facility, which is also to supply other markets in the Asia-Pacific region, it said. Merck executive board deputy chair and electronics CEO Kai Beckmann told reporters the company adopted a “local-for-local” strategy about seven years ago to address the cycle time of
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Two companies wholly owned by the daughter of the founder of Hon Hai Precision Industry Co (鴻海精密) on Monday reported to the Taiwan Stock Exchange that they would dispose of all of the Hon Hai shares they hold. In filings with the exchange, Hong Wei Investment Co (鋐維) said it would sell the 2.771 million Hon Hai shares it holds and Frontier Investment Corp (承鋒投資) said it would sell its 2.409 million Hon Hai shares from tomorrow until Jan. 3 next year. The two companies are wholly owned and chaired by Shirley Gou (郭曉玲), the eldest daughter of Hon Hai founder Terry
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