Taiwan to impose capital gains tax
TAIPEI, Taiwan—An official says Taiwan will impose a tax on gains from stock transactions that will target the big investors.
Finance Minister Christina Liu said late Thursday a flat 20 percent tax was proposed for investors who earn more than 3 million New Taiwan dollars ($102,000) annually from stock and futures trading.
Taiwan now levies only a 0.3 percent tax on stock transactions.
The Cabinet and the legislature are expected to approve the tax to take effect next year.
Newly re-elected President Ma Ying-jeou has pledged to introduce tax reforms in his second term to address complaints over the rising wealth gap.
Officials say salary earners now contribute most to tax revenue and reforms will aim to make the rich pay more.