Taiwan’s Ministry of Finance (“MOF”) has recently spoken about efforts to improve Taiwan’s financial prospects. The proposals include plans to raise business tax rates on the banking and insurance industries, reduce the imputation credit ratio on dividends, increase the income tax rate of high-income earners as well as implement some complimentary measures. These other measures would include increasing the special deduction amount for salary income and the disabled or handicapped, extending the period to claim investment tax credit on research and development (“R&D”) expenditures and introducing new tax incentives for enterprises to hire more employees.
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