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(Apr 02, 2008) On March 10, 2008, an amendment to Taiwan's Value-Added Business Tax and Non-Value-Added Business Tax Law was promulgated. The new article 9-1 stipulates that "to meet special circumstances of the economy," the Executive Yuan (Cabinet) may flexibly adjust the business tax for imported wheat, barley, corn, and soybeans, without the limits prescribed under article 10 of the Law (on business tax rates). The Ministry of Finance, in consultation with the relevant agencies, will submit a report to the Executive Yuan on the commodity type whose tax rate is to be adjusted, the scope of the adjustment, and the period of its implementation as well as the actual beginning and end dates. The Executive Yuan will make an appraisal and announce its decision on the matter. (Amendment to the Value-Added Business Tax and Non-Value-Added Business Tax Law, 6788 THE GAZETTE OF THE OFFICE OF THE PRESIDENT 1-2 (Mar. 10, 2008), available at http://content.glin.gov/summary/203310.) This amendment comes on the heels of an amendment to articles 8 and 9 of the Law, promulgated on January 16, 2008, and effective on March 1, revising the types of goods, labor service, and imported goods that will be exempt from business tax. (Amendment to the Value-Added Business Tax and Non-Value-Added Business Tax Law, 6780 THE GAZETTE OF THE OFFICE OF THE PRESIDENT 63-66 (Mar. 10, 2008), available at http://content.glin.gov/summary/201789.)
|Author:||Wendy Zeldin More by this author|
|Topic:||Taxation More on this topic|
|Jurisdiction:||Taiwan More about this jurisdiction|
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Last updated: 04/02/2008