Stocks gains tax to be abolished next year
Date:2015-11-17
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The legislature has abolished the controversial stocks gains tax after it was put to a vote. Under a revision to the income tax law, the new measure will come into effect on January 1st next year.
The stocks gains tax was in place for two years and has been revised four times since 2012. The legislature’s decision to strike down the tax has won support from both the ruling and opposition parties.
Ruling KMT lawmaker Lo Ming-tsai said on Tuesday that the decision was made for the sake of Taiwan’s economic future and on the basis of the principles of “ability to pay” and “tax withheld at source.” He said the stocks gains tax has destabilized Taiwan’s stock market.
“After the decision was made today, all well-heeled stock investors, including foreign investment, are welcome to invest in Taiwan and speed up Taiwan’s economic development. When the revision goes into effect, hopefully shares will rise to the 10,000 point mark and the public will have a better life like before,” said Lo.
Financial Supervisory Commission (FSC) Chairman William Tseng said the abolition will add momentum to the stock market at the end of this year.
Resource : RTI (Radio Taiwan International)
http://english.rti.org.tw/news/?recordId=36947