The basic living expense tax deduction has been raised to NT$192,000 and is to be applicable next tax season, the Executive Yuan said on Thursday.
Citing Premier Su Tseng-chang (蘇貞昌), Executive Yuan spokesman Lo Ping-cheng (羅秉成) said that about 2.1 million households in Taiwan are expected to benefit from the upward adjustment.
It is the fifth consecutive year that the basic living expense deduction has been increased, Lo said following a Cabinet meeting.
The Taxpayer Rights Protection Act (納稅者權利保護法) stipulates that individuals should not be taxed on the amount they need to cover basic expenses, which is defined as 60 percent of the
Taipei, Oct. 8 (CNA) A Ministry of Labor (MOL) committee decided on Friday to raise Taiwan's minimum monthly and hourly wage by 5 percent, effective Jan. 1, 2022.