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MOF raises living expense tax deduction
03 November, 2022
The Ministry of Finance (MOF) has announced that it is raising Taiwan's basic living expense tax deduction for 2022. The deduction is now NT$196,000.
Taiwan's 2017 Taxpayer Rights Protection Act stipulates that individuals should not be taxed on the amount they need to cover basic expenses, which is set at 60% of the median per capita disposable income from the preceding year.
The ministry says it is the sixth consecutive year that the deduction for basic living expenses has been raised. The MOF estimates that 2.3 million households will benefit from the tax-deductible allowance for basic living expenses, saving over NT$1.5 billion when they file an income tax return in May next year.
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