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Rather, taxes are governed by a series of laws and regulations each related to a specific type of tax. As the chief legislative body, the Legislative Yuan plays an important role in formulating and revising tax related laws. The Income Tax Act is the primary law that governs individual income and profit-seeking enterprise income taxes. [4]
These standards are divided into 26 numbered categories. Applying the National Standards is voluntary unless authorities in charge cite any parts of the standards as laws and regulations. By the end of 2003, more than 15000 national standards have been issued.
On the other hand, consumption taxes, in the form of higher excise tax on tobacco products, petroleum products, automobiles, tobacco, and additional excise tax on sweetened beverages and non-essential, invasive cosmetic procedures were introduced. It also expanded the VAT base by repealing exemption provisions in numerous special laws.
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Taiwan hopes to reach a long-mooted tax agreement with the United States next year, Finance Minister Chuang Tsui-yun said on Wednesday, which both sides have said will foster more investment and ...
A new income tax law, passed in 1997 and effective 1998, determined residence as the basis for taxation of worldwide income. [169] The Philippines used to tax the foreign income of nonresident citizens at reduced rates of 1 to 3% (income tax rates for residents were 1 to 35% at the time). [170]
'Law-establishing court') is the unicameral legislature of the Republic of China (Taiwan) located in Taipei. The Legislative Yuan is composed of 113 members, who are directly elected for four-year terms by people of the Taiwan Area through a parallel voting system.
WASHINGTON (Reuters) -Republican presidential candidate Donald Trump said he would impose additional tariffs on China if China were to "go into Taiwan," the Wall Street Journal reported. "I would ...