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  • New measures for youth home loans announced by MOA

    Discover how Taiwan’s Ministry of Agriculture is enhancing its loan process for young homebuyers, including stricter pre-loan reviews and a self-residency commitment, to prevent misuse and ensure benefits reach the intended recipients.
    2024/07/01 17:52
  • China to suspend tariff benefits for 134 Taiwanese products

    Discover the latest on China’s suspension of preferential tariff rates for 134 Taiwanese products starting June 15, escalating cross-strait tensions. Learn about the economic and political implications of this significant shift.
    2024/05/31 13:03
  • 30% of Taiwan residents yet to file taxes, bureau reports

    Discover how Taiwan’s National Taxation Bureau is simplifying tax filings with mobile options and a chance to win NT$200,000. Deadline is May 31, with 71% already filed.
    2024/05/22 17:40
  • New and retained faces in Taiwan’s latest cabinet update

    Discover the latest updates on Taiwan’s new cabinet under President-elect Tsai Ing-wen and designated Premier Cho Jung-tai, including the retention of key deputy ministers across various ministries such as Finance, Economic Affairs, Culture, Environmental Protection, Labor, and the Digital Ministry, aiming to strengthen national policies and digital resilience.
    2024/05/06 17:29
  • Taiwan debates over menstrual products tax exemption

    Explore the debate in Taipei as lawmakers advocate for sales tax exemption on menstrual products, facing opposition from the Ministry of Finance over concerns of insufficient consumer benefits and potential NT$380 million annual revenue loss. Amidst discussions on gender wage gaps and period poverty, the ministry highlights the challenges of tax exemption policies and the broader implications for the tax system.
    2024/04/10 13:43
  • Taiwan’s exports hit top-three record despite 2023 dip

    Taiwan’s export performance reached a historic high from 2021 to 2023, but experienced a 9.8% decline in 2023 compared to the previous year, according to the Ministry of Finance. Despite this setback, exports to the U.S. continued to soar with a 49.7% year-on-year increase, while exports to countries covered by Taiwan’s New Southbound Policy also saw significant growth. However, exports to mainland China decreased to 35.2%. Taiwan’s total export tally for 2023 amounted to US$432.48 billion, ranking behind only 2022 and 2021. The demand for communications and electronic products during the pandemic-induced work-from-home trend boosted Taiwan’s exports. The Taiwan Institute of Economic Research predicted significant international trade growth in 2024, which would benefit export-oriented economies like Taiwan. In December 2023, Taiwan’s exports to the U.S. reached $8.49 billion, and exports to southern countries surged by over 50%. However, due to the limited coverage of free trade agreements (FTAs), many traditional Taiwanese industries chose to restructure risks and production in Southeast and South Asia. The return of Taiwanese businesses and the expansion of local factories after the U.S.-China trade war, as well as global economic circumstances, significantly impacted the decline in 2023 exports. The Directorate General of Budget, Accounting and Statistics (DGBAS) estimated the first-quarter export volume for 2024 to be around US$106.1 billion, which is an improvement compared to the same period in 2023, but a 10% decrease from 2022.
    2024/02/15 10:49
  • China rebukes Philippines over Taiwan election congrats

    The Ministry of Foreign Affairs of China objected to Philippine President Ferdinand Marcos Jr.’s congratulatory message to President-elect Lai Ching-te, citing a violation of the "One China" principle and the diplomatic tie agreement between China and the Philippines. China’s Foreign Affairs office expressed strong dissatisfaction with Marcos Jr.’s remarks and lodged a vehement protest. An assistant minister of the Agricultural Finance Ministry summoned the Philippine ambassador to China over the matter. China urged the Philippines to refrain from making erroneous statements and actions regarding Taiwan and to respect the "One China" principle in order to maintain robust and stable China-Philippine relations.
    2024/01/16 19:01
  • Lai Ching-te’s property ownership deemed legitimate

    Taiwan’s Ministry of Finance clarifies that the property at Lai Ching-te’s permanent residence was not illegally transferred from public to private ownership. The Finance National Property Administration states that land registry data show the property has always been privately owned and has no record of being expropriated from state ownership. Accusations of profiteering corruption against Lai by former legislator Chiu Yi and media personality Mao Chia-ching are refuted by the FNP, which reiterates that the land has been privately owned since 1940 with no records of state ownership or transfer.
    2023/12/26 22:18
  • Taiwan’s Legislative Yuan amends new property tax law

    Taiwan’s Legislative Yuan has passed a law amendment known as "Housing Tax 2.0," which will raise the residential property tax. The new tax will take effect on July 1, 2024, with taxation beginning in 2025. The Ministry of Finance estimates that around 4.45 million households will be affected by the revised tax, with approximately 3.1 million households benefiting from a preferential tax rate for single residency. This could potentially generate an additional revenue of NT$2.27 billion to NT$3.27 billion. Under the new system, residential properties will be categorized as "self-use" or "non-self-use," with a national limit of up to three properties classified as "self-use." The house tax will continue to be collected annually from May 1 to May 31, based on ownership from the prior year’s July 1 to the current year’s June 30. The amendment also requires that "self-use" residences meet household registration requirements in addition to the existing provisions regarding rental and occupancy by the owner, spouse, or direct relatives. The tax reform will have a significant impact on 10 municipalities that have not yet implemented the housing hoarding tax. To support the legislative changes, four supplementary regulations will be introduced, including differential tax rate modules, calculation formulas, principles for determining the number of household property holdings, and revisions to the organization of the Real Estate Evaluation Committees. All subsidiary regulations are scheduled to be amended by July 1, 2024.
    2023/12/20 18:10
  • Legislative Yuan okays ’House Hoarding Tax 2.0’

    Taiwan’s Legislative Yuan has passed an amendment to the House Tax Act, known as the "House Hoarding Tax 2.0," raising the tax rate for non-owner-occupied housing to a range of 2 to 4.8 percent, up from the current range of 1.5 to 3.6 percent. The tax rates will apply nationally to all properties owned by individuals and will be implemented by July 2025. Local governments will set their tax rate discrepancies based on the total number of residential properties owned nationwide. The amendment was approved in the Legislative Yuan session following negotiations among the Democratic Progressive Party (DPP), the Kuomintang (KMT), and the Taiwan People’s Party (TPP), with dissent from the New Power Party (NPP).
    2023/12/19 22:13
  • Tax exemption limit faces backlash as overseas travel soars

    Taiwan experiences a surge in travel as global restrictions ease, leading to a phenomenon known as "vacation vengeance." The Ministry of Finance reports that approximately 8.42 million passengers traveled in the first nine months of 2023. However, strict tax exemption regulations have caused public frustration as returning residents face customs inspections for exceeding the purchase limit. The current tax exemption limit is NTD$20,000, but citizens argue it is insufficient. The Ministry of Finance is considering raising the limit to NTD$30,000 to NTD$40,000. The regulations governing duty-free privileges for inbound personal luggage have remained unchanged for over three decades. The Ministry of Finance is discussing potential changes to address the rising cost of overseas goods and the country’s gross national income compared to Japan and South Korea.
    2023/11/13 20:03
  • MOEA head promises negotiation on tax cut for young workers

    Taiwan’s Minister of Economic Affairs, Wang Mei-hua, has promised to address a tax cut for young workers in continued negotiation with the Ministry of Finance. Kuomintang (KMT) Legislator Yang Chiung-ying has highlighted concerns over low salaries in Taiwan, noting that the median wage is NT$42,000, the lowest among the Four Asian Tigers. To address this issue, Yang has suggested increasing the age for tax incentives for small and medium-sized enterprises (SMEs) hiring young employees from under 24 to under 30. This policy change, according to the legislator, could significantly help young people struggling with low wages. In response, Wang stated that the government would discuss the proposal with the Ministry of Finance and emphasized their efforts to reduce taxes to tackle the issue of low wages for young workers.
    2023/11/06 20:34
  • Unclaimed NT$10 million lottery prizes to expire soon

    Four winners of the May-June uniform invoice lottery in Taiwan have yet to claim their NT$10 million prizes, which will expire on Nov. 6, according to the Ministry of Finance. The winning number for the special prize is "29268886," with a total of 21 tickets bearing this number. The unclaimed winning tickets were obtained through everyday activities such as shopping, refueling, or food purchases.
    2023/11/05 19:49
  • 100K individuals yet to claim NT$6000 as deadline nears

    Around 100,000 individuals in Taiwan haven’t claimed their NT$6,000 from tax surplus and the deadline is fast approaching. This unclaimed amount totals about NT$6 billion, despite nearly 23.39 million citizens having already claimed their money. The National Treasury Administration urges eligible citizens to act swiftly and cautions against sharing personal data through unsolicited calls or messages.
    2023/10/29 19:21
  • Four NT$10 million receipt lotteries remain unclaimed

    Four unclaimed receipts from the March-April 2023 receipt lottery are still eligible for the NT$10 million grand prize.
    2023/09/04 19:23
  • Some wealthy households receive exemptions on NT$5M+ income

    The Ministry of Finance (MOF) unveiled on Monday (July 3) that nearly 6.5 million households in Taiwan filed their income for the year 2021, with approximately 3.05 million of them being exempted from paying taxes, including 13 households earned over NT$ 5 million yearly income.
    2023/07/03 18:37
  • Taiwan gov’t cautions against transition to 4-day workweek

    The Ministry of Labor (MOL) expressed doubts regarding the feasibility of a 4-day workweek initiative on Monday (June 26), citing potential impacts on various industries in Taiwan, including education, transportation, finance, and government agencies.
    2023/06/26 18:18
  • Experts give insights on how Taiwan’s car market changed

    Taiwan’s car market continues to thrive, with the value of imported cars reaching a record high of NT$85 billion from January to April this year, a 54% increase compared to the previous year, according to the Ministry of Finance.
    2023/06/19 15:53
  • Taiwan’s excess tax revenue unable to reduce national debts

    The Ministry of Finance (MOF) estimates that Taiwan will see an excess tax revenue of NT$450 billion this year.
    2022/12/26 18:43
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