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Non-resident foreigners to enjoy tax cut on income in Taiwan.

Taipei, Oct. 29, 2009 (CENS)--Foreigners without permanent residence in Taiwan and with less than 183 days of stay on the island a year will enjoy tax cuts for their earnings on the island from Jan. 1, next year. The Executive Yuan (the Cabinet) has approved the tax-cut program, which covers interest income and salary income, with the total benefit reaching NT$1 billion.

The tax-cut program targets the withholding tax on the incomes of those foreigners, who do not have to file tax returns. At present, the withholding tax stands at 20% in most cases.

The withholding tax on interest income of those foreigners from short-term bills, asset-based securities, bonds, and structured notes, for instance, will be cut to 15%, while that on salary income and retirement pay will be lowered to 18%. Stock dividend, though, will still be subject to 20% tax.
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Publication:The Taiwan Economic News
Article Type:Brief article
Date:Oct 29, 2009
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