The basic living expense tax deduction has been raised to NT$210,000 (US$6,457) from NT$202,000 and is to be applicable during the tax season in May next year, the Ministry of Finance said yesterday.
The ministry announced the adjustment on its Web site, saying that the move is expected to benefit about 2.08 million households, while affecting the nation’s tax income by NT$2.6 billion (US$79.9 million).
The Taxpayer Rights Protection Act (納稅者權利保護法) came into effect at the end of 2017, which stipulates that people should not be taxed on the amount they need to cover basic living expenses.
Photo: CNA
The basic living expenses are set at 60 percent of the median disposable income per capita from the preceding year, the ministry said.
A survey released on Aug. 16 by the Directorate-General of Budget, Accounting and Statistics showed that the median disposable income last year was NT$349,359, making the basic living expenses NT$210,000.
The deduction, which can be applied to taxpayers and each of their dependents, is NT$8,000 more than last year, the ministry said.
Meanwhile, the ministry on Nov. 23 last year announced that it would increase other income tax deductions this year to help ease people’s financial burden amid inflationary pressure, which would lower the nation’s tax income by NT$21.7 billion when people file their taxes next year, it had estimated.
It came as the rise in the consumer price index had exceeded the standard 3 percent for adjustments of tax exemptions, standard deductions, special deductions for salary income and for people with physical and mental disabilities, as well as tax brackets, the ministry said.
These tax exemptions and deductions are to cost state coffers NT$24.3 billion in total, it said.
GET TO SAFETY: Authorities were scrambling to evacuate nearly 700 people in Hualien County to prepare for overflow from a natural dam formed by a previous typhoon Typhoon Podul yesterday intensified and accelerated as it neared Taiwan, with the impact expected to be felt overnight, the Central Weather Administration (CWA) said, while the Directorate-General of Personnel Administration announced that schools and government offices in most areas of southern and eastern Taiwan would be closed today. The affected regions are Tainan, Kaohsiung and Chiayi City, and Yunlin, Chiayi, Pingtung, Hualien and Taitung counties, as well as the outlying Penghu County. As of 10pm last night, the storm was about 370km east-southeast of Taitung County, moving west-northwest at 27kph, CWA data showed. With a radius of 120km, Podul is carrying maximum sustained
President William Lai (賴清德) yesterday criticized the nuclear energy referendum scheduled for Saturday next week, saying that holding the plebiscite before the government can conduct safety evaluations is a denial of the public’s right to make informed decisions. Lai, who is also the chairman of the Democratic Progressive Party (DPP), made the comments at the party’s Central Standing Committee meeting at its headquarters in Taipei. ‘NO’ “I will go to the ballot box on Saturday next week to cast a ‘no’ vote, as we all should do,” he said as he called on the public to reject the proposition to reactivate the decommissioned
US President Donald Trump on Friday said that Chinese President Xi Jinping (習近平) told him China would not invade Taiwan while Trump is in office. Trump made the remarks in an interview with Fox News, ahead of talks with Russian President Vladimir Putin over Moscow’s invasion of Ukraine. “I will tell you, you know, you have a very similar thing with President Xi of China and Taiwan, but I don’t believe there’s any way it’s going to happen as long as I’m here. We’ll see,” Trump said during an interview on Fox News’ Special Report. “He told me: ‘I will never do
EXCEPTIONS: Some people could be allowed to reclaim citizenship for humanitarian reasons or because of their contributions to the nation, the interior ministry said Taiwan would soon unveil new rules banning Taiwanese residents of China from reclaiming their citizenship if they participated in Beijing’s propaganda activities, the Ministry of the Interior said on Monday. The measures were drafted following President William Lai’s (賴清德) March 13 directive that the government counter China’s espionage and influence campaigns aimed at undermining Taiwan’s sovereignty, the ministry said in a preview of the rules. The changes would affect Taiwanese who lost their citizenship after becoming permanent residents of China or obtaining passports issued by China, it said. Under the measures, former Taiwanese nationals living in China who had made statements denying the
RSS