Taiwan to levy "rich man's tax" on nearly 10,000 wealthiest people
Published on May 2, 2014 6:10 PM
TAIPEI (AFP) - Taiwan has moved to levy a so-called "rich man's tax" on nearly 10,000 of the island's wealthiest people in a bid to narrow the income gap, officials said on Friday.
Under the proposal, those with annual net income of over NT$10 million (S$414,800), or the richest 1.5 per cent of individuals or families, will pay a 45 per cent income tax rate, up from the current 40 per cent, said the NONSPH;Asia@East Asia:
"We will raise taxes for the top (earners) and reduce taxes for low and modest income earners ... which will definitely improve the income distribution," Finance Minister Chang Sheng-ford told reporters.
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