The Cabinet approved a proposal yesterday to set a flat rate of 10 percent for the inheritance and gift taxes, but industry analysts and academics said the cut was only one of several steps needed if the government hopes to turn Taiwan into a regional financial hub.
Ending months of debate, the Cabinet gave the green light to lower the inheritance and gift tax to 10 percent and raise the exemption level to NT$12 million (US$370,000) and NT$2.2 million from NT$779 million and NT$1.1 million respectively.<…more>
By Crystal Hsu
STAFF REPORTER
Friday, Oct 17, 2008, Page 12
Taipei Times