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.
Aftershocks from a magnitude 6.2 earthquake that struck off Yilan County at 3:45pm yesterday could reach a magnitude of 5 to 5.5, the Central Weather Administration (CWA) said. Seismological Center technical officer Chiu Chun-ta (邱俊達) told a news conference that the epicenter of the temblor was more than 100km from Taiwan. Although predicted to measure between magnitude 5 and 5.5, the aftershocks would reach an intensity of 1 on Taiwan’s 7-tier scale, which gauges the actual effect of an earthquake, he said. The earthquake lasted longer in Taipei because the city is in a basin, he said. The quake’s epicenter was about 128.9km east-southeast
The Taipei Summer Festival is to begin tomorrow at Dadaocheng Wharf (大稻埕), featuring four themed firework shows and five live music performances throughout the month, the Taipei Department of Information and Tourism said today. The festival in the city’s Datong District (大同) is to run until Aug. 30, holding firework displays on Wednesdays and the final Saturday of the event. The first show is scheduled for tomorrow, followed by Aug. 13, 20 and 30. To celebrate the 30th anniversary of Disney Pixar's movie Toy Story, the festival has partnered with Walt Disney Co (Taiwan) to host a special themed area on
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The New Taipei City Government today warned about the often-overlooked dangers of playing in water, and recommended safe swimming destinations to cool off from the summer heat. The following locations in the city as safe and fun for those looking to enjoy the water: Chienshuiwan (淺水灣), Baishawan (白沙灣), Jhongjiao Bay (中角灣), Fulong Beach Resort (福隆海水浴場) and Sansia District’s (三峽) Dabao River (大豹溪), New Taipei City Tourism and Travel Department Director-General Yang Tsung-min (楊宗珉) said. Outdoor bodies of water have variables outside of human control, such as changing currents, differing elevations and environmental hazards, all of which can lead to accidents, Yang said. Sudden
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