Tax reforms passed in Taiwan include a 45% rate of income tax on incomes above TWD 10 million per annum. Also included in the reform is an increase in the basic income tax threshold to TWD 90,000 for single taxpayers and TWD 180,000 for married couples. There is also an increase in the tax deduction given to people with a disability. The imputation tax credit against individual income tax in respect of the receipt of dividends is to be halved from 100 percent to 50 percent. There will also be an increase in the business tax charged on banks and insurance companies from 2% to 5%.
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