Taiwan approves ‘rich man’s tax’

Two months after Taiwanese authorities moved to liberalise the regulatory environment for onshore private banks, the industry’s enthusiasm could be tempered by the introduction of next year’s so-called ‘rich man’s tax’. Individuals with an annual net income of more than NT$10 million (US$331,000) will be subject to a 45% tax rate, up from 40%, as of next year according to…

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