Individual income tax exemption, standard tax deduction and special deduction thresholds are to be raised next year, in time for the tax season in May 2023, the Ministry of Finance announced on Wednesday.
The adjustments would see the personal tax exemption rise to NT$92,000 (US$3,309) from NT$88,000.
For taxpayers aged 70 or older, or with a spouse or lineal ascendant 70 or older, the personal exemption would increase from NT$132,000 to NT$138,000, the ministry said.
Photo: Clare Cheng, Taipei Times
In addition, the standard deduction for single filers would be raised to NT$124,000 from NT$120,000, and to NT$248,000 from NT$240,000 for married couples filing jointly.
The special deduction for wage and salary earners and people with disabilities is to be increased from NT$200,000 to NT$207,000.
Gift and inheritance tax exemptions are to rise by NT$240,000 and NT$1.33 million to NT$2.44 million and NT$13.33 million respectively.
The changes to deduction and exemption thresholds have been triggered due to increases in the consumer price index (CPI).
Since the previous adjustments in 2017, the CPI has risen by more than 3 percent, with the ministry legally obligated to make adjustments based on the average 12-month CPI data.
The government has also been forced to make greater concessions on inheritance and gift taxes due to the CPI rising by 11.09 percent since the previous adjustment to these rates in 2009.
The upward adjustments would lower the government’s tax revenues by NT$9.57 billion, the ministry said.
Taiwan is to start producing geothermal energy on a commercial scale for the first time in nearly 30 years tomorrow, when an Yilan County facility begins operations. The 4.2 megawatt Cingshuei Geothermal Power Plant in Datong Township (大同) — the first privately built geothermal power plant in Taiwan — was granted commercial license by the Bureau of Energy on Oct. 27, county authorities told the Central News Agency on Tuesday. Lin Kun-wei (林坤緯), a section head at the Yilan Business and Tourism Department, said that the facility would generate up to 3,150 kilowatts per hour, which could meet the demand of up
JPMorgan Chase & Co chief executive officer Jamie Dimon on Tuesday quipped that his company is likely to outlast the Chinese Communist Party (CCP), while reiterating the bank’s commitment to the country in wide-ranging comments that also touched on Taiwan, free speech and former US president Donald Trump. “We hope to be there [in China] for a long time,” Dimon told a panel discussion at the Boston College Chief Executives Club. Relaying a “joke” he made during a recent visit to Hong Kong, he said “The communist party is celebrating its 100th year. So is JPMorgan. And I’ll make you a
Zero emissions and, soon, zero crew: The world’s first fully electric autonomous cargo vessel was unveiled in Norway, a small but promising step toward reducing the maritime industry’s climate footprint. By shipping up to 120 containers of fertilizer from a plant in the southeastern town of Porsgrunn to Brevik’s port 12km away, the much-delayed Yara Birkeland, shown off to the media on Friday, would eliminate the need for about 40,000 truck journeys a year that are now fueled by polluting diesel. “Of course, there have been difficulties and setbacks, but then it feels even more rewarding to stand here today in front
The Kaohsiung City Government yesterday said it would impose a property hoarding tax as it is seeking to contain speculation in the real-estate market, calling recent price increases “abnormal.” The announcement came in support of the Ministry of Finance’s call for local governments to levy a high tax rate on people with more than one property. Ministry officials on Tuesday discussed strategies to rein in speculation with the nation’s six special municipalities, as well as the Hsinchu city and county governments. About 84,000 out of 1.06 million housing units in Kaohsiung are not residential property, the city government said in a