The Executive Yuan (EY) yesterday approved an extension of the reduced 0.15 percent day trading tax through 2027 to “sustain trading momentum.”
The measure, which reduced the tax from 0.3 percent to 0.15 percent, was set to expire on Dec. 31, the Cabinet announced at a news conference after a meeting.
“It is necessary to extend [the rate cut] by three years to maintain trading momentum and promote the stable development of the securities market,” Executive Yuan acting spokesperson Julia Hsieh (謝子涵) said on behalf of Premier Cho Jung-tai (卓榮泰).
Photo: CNA
Taxation Administration Director Sung Hsiu-ling (宋秀玲) told reporters that the tax cut was introduced on April 28, 2017, to boost market liquidity and trading volume, following a decline in the local stock market’s average daily turnover from more than NT$90 billion (US$2.8 billion at the current exchange rate) to more than NT$70 billion in 2016.
With the proposed extension, the average daily turnover is expected to remain between NT$400 billion and NT$450 billion, Deputy Minister of Finance Lee Ching-hua (李慶華) said.
The draft measure also revokes a regulation that required filing of day-trading tax documents, thereby reverting to rules contained in the Administrative Procedure Act (行政程序法).
The measure is to be forwarded to the Legislative Yuan for review.
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