Following the Legislature's passage of amendments to the Income Tax Act today, Executive Yuan Minister without Portfolio and Spokesperson Hsu Kuo-yung said that Premier Lai Ching-te had thanked Legislative Yuan Speaker Su Jia-chyuan, Deputy Speaker Tsai Chi-chang and all members from both the ruling and opposition parties for their support. The premier said that the legislators' joint effort had produced a competitive tax system compatible with global trends.
Minister Hsu said that this round of tax system upgrades touches on four main facets; namely, overall fairness, economic efficiency, tax administration and government finances. The new tax rules align with international practice and create a taxation environment that will make Taiwan a priority target for investment and help efforts to recruit and retain top talent. Benefits include lighter burdens on salary earners, low and middle-income taxpayers, and families with children; greater economic competiveness and ability to attract and keep professionals in Taiwan; improved investment outlook and stronger job creation; and simplified tax administration and conformity to international trends.
According to the Ministry of Finance, the tax improvement measures go into effect in 2018 and thus will govern returns filed by taxpayers in May of 2019.