Lawmakers yesterday expressed skepticism about the Ministry of Finance's Alternative Minimum Tax proposal, saying that the exclusion of individuals' overseas income and the continuation of five-year tax breaks for prospective businesses have created loopholes in the landmark taxation reform.
The ministry's revised draft proposal obtained the Cabinet's approval late last month.
Ahead of formal legislative discussion of the proposal next week, the Taiwan Solidarity Union's (TSU) legislative caucus yesterday invited Minister of Finance Lin Chuan (
TSU Legislator Kuo Lin-yung (
In response, Lin said that taxing overseas income has been listed as a mid-term goal. However, as taxation of foreign income involves complex factors and requires time to draw up well-rounded measures, the ministry will address the controversial issue in the next stage of tax reforms.
Chien Hsi-chieh, convener of the pan-purple alliance, said that only by establishing a fair taxation system can a nation develop a sound financial system.
However, 15 of Taiwan's 40 richest people managed to pay tax at a rate of just 1 percent, which might lead to serious social problems and give rise to criticism that the government robs the poor to benefit the rich, he said.
TSU Legislator Lai Shin-yuan (賴幸媛) said she disapproved of the proposal's
continuations of the five-year tax exemption for new businesses in
accordance with the Statute for Upgrading Industries (促進產業升級條例).
These companies will not be included in the new scheme's tax base.
She added that this design has fallen short of the public's expectations for
building an integrated tax system.
Lin Mei-hsueh (林美雪), director of the Industrial Development Bureau's
industrial policy division, said the government has to keep its promises to
businesses that decided to invest in Taiwan because of the five-year
tax-free incentive.
Maintaining consistency in the implementation of government policies is more
important than helping prospective business groups to turn a profit, she
said.
Anna Bhobho, a 31-year-old housewife from rural Zimbabwe, was once a silent observer in her home, excluded from financial and family decisionmaking in the deeply patriarchal society. Today, she is a driver of change in her village, thanks to an electric tricycle she owns. In many parts of rural sub-Saharan Africa, women have long been excluded from mainstream economic activities such as operating public transportation. However, three-wheelers powered by green energy are reversing that trend, offering financial opportunities and a newfound sense of importance. “My husband now looks up to me to take care of a large chunk of expenses,
SECTOR LEADER: TSMC can increase capacity by as much as 20 percent or more in the advanced node part of the foundry market by 2030, an analyst said Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) is expected to lead its peers in the advanced 2-nanometer process technology, despite competition from Samsung Electronics Co and Intel Corp, TrendForce Corp analyst Joanne Chiao (喬安) said. TSMC’s sophisticated products and its large production scale are expected to allow the company to continue dominating the global 2-nanometer process market this year, Chiao said. The world’s largest contract chipmaker is scheduled to begin mass production of chips made on the 2-nanometer process in its Hsinchu fab in the second half of this year. It would also hold a ceremony on Monday next week to
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