Cabinet approves talent and tax draft bills
Courtesy of ICRT
Taiwan’s cabinet has approved a draft amendment to a foreign talent act as part of government efforts to relax regulations governing foreign professionals in the country will attract more such talent.
According to the cabinet, the draft amendment to the Act for the Recruitment and Employment of Foreign Professionals could "enable foreign professionals to come to Taiwan and stay here for good."
The National Development Council says the draft amendment will also allow "foreign special professionals" who possess special expertise in science and technology, economics, education, culture, the arts or sports to enjoy greater tax concessions. Under the terms of the amendment, those professionals could enjoy extended tax deduction treatment from the current three years to five years.
And both the professionals and their family members would be able to enrol immediately in the national health insurance system instead of having to wait for six months.
The amendment still requires approval from the Legislature.
The cabinet has also approved a draft amendment to the Tax Collection Act. The revision allows for a maximum fine of NT$100 million for major tax evasion.
The draft amendment also raises the maximum fine for evading tax payment by means of fraud or other illegal practices to NT$5 million and imposes more stringent punishments for other types of tax evasion.
According to Taxation Administration Director-General Xu Ci-mei, in major cases, the fine will range from NT$10-100 million and a prison term of between one to seven years.
Xu says those penalties will apply to individuals who evade at least NT$10 million in taxes and businesses that seek to evade paying at least NT$50 million.
However, the draft bill eases the surcharge for delinquent tax payments, lowering the maximum rate from 15 to 10%, as it slows the rate of increase over a 30-day period.