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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:

finance ministry.

"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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