Finance ministry announces tax cut for 2023 (2021/11/25)
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  • 英文 English 
    Finance ministry announces tax cut for 2023 (2021/11/25)

    The Ministry of Finance has announced a tax cut that will come into effect in May 2023. It’s raising the individual income tax exemption, standard deductions, and special deductions for wage earners and persons with disability. An estimated 6.5 million households are expected to benefit. After the change, a salaried worker who files a single return can save up to NT$6,000. A double-income household of four can save up to NT$15,200.

    Taiwan consumers are watching their wallets as inflation grows the grocery bill, making it harder and harder to get by. On Wednesday, the finance ministry offered some reprieve, announcing adjustments to tax exemption and deduction thresholds. The tax cut is worth NT$9.57 billion. It’s set to benefit 6.5 million households, which will save an average of NT$1,472 each.

    Member of public
    For people like me, people who aren’t high-salary individuals, this doesn’t make much of a difference.

    Government data shows that inflation has reached more than 11%. Citing rising consumer prices, the finance ministry announced a NT$4,000 increase to the personal tax exemption, which will go up to NT$92,000. The standard deduction for single filers will also go up by NT$4,000. The special deduction for salary earners and people with disabilities will be raised by NT$7,000.

    Take the case of salaried employees who file a single return. Currently they do not need to pay personal income tax, if they make less than NT$408,000 a year. Next year, that threshold will go up to NT$423,000 a year. Their tax exemption and deductions will go up by NT$15,000, allowing savings of NT$750 to NT$6,000. As for a double-income family of four, it can expect to save at least NT$1,900 and at most NT$15,200.

    Chou Chih-cheng
    At a time when consumer prices are on the rise, this adjustment by the government is a small ray of sunshine. This range of the adjustment is also considerable. There may be as many as 650,000ish taxpayers who benefit.

    These tax adjustments will come into effect in the 2023 tax season.
    中文 Chinese  
    物價持續飆漲! 財政部公告111年"全民減稅"

    財政部公告,將調高明年綜所稅免稅額、標準扣除額、薪資扣除額、身心障礙扣除額以及退職所得免稅金額 ,預計將有650萬戶受惠,上班族最多可省下6000元的稅金,雙薪收入的一家四口,最多也可省下1.52萬元。





    [[會計師 周志誠]]


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