Rent paid this year would be listed as an increased special deduction item on individual income tax returns when they are filed in May next year, Minister of Finance Chuang Tsui-yun (莊翠雲) said on Friday.
In a TV appearance, Chuang said the rent deduction has been increased from NT$120,000 to NT$180,000 (US$3,868 to US$5,802) under amendments to the Income Tax Act (所得稅法) that were enacted by the Legislative Yuan on Dec. 19 and took effect on Jan. 1.
That means total tax exemptions and deductions could reach NT$626,000 for renters who are single, NT$1.072 million for renters in a couple with no children, and NT$1.641 million for renters in a couple with two children under the age of six, Chuang said.
Photo: CNA
If renters are in a couple with young children and also live with a person aged over 70, the total exemptions and deductions could reach more than NT$2 million, she said.
Chuang said that about 47 percent of households filing taxes in 2021 did not have to pay any tax, figures from that year showed.
In addition, as part of the new house tax policy to be implemented in July, there would be lower rates for those who own and live in one home, while those who own multiple homes will have to pay more in house tax, Chuang said.
The ministry would recommend tax rates to local governments, and if those governments impose lower rates than what is recommended and consequently, their revenues fall short of their target, the central government would not reimburse the revenue shortfall, Chuang said.
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