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Lawmakers plan stock transaction tax amendment

Kuomintang (KMT) Legislators Lu Shiow-yen (盧秀燕) and Lo Ming-tsai (羅明才) yesterday said that they will amend the 0.3 percent stock transaction tax and give the Cabinet the authority to change the rate between 0.1 and 0.3 percent based on the local stock market's performance.

According to Lu, the amendment draft has gained enough support from legislators to be reviewed by the Finance Committee. Lu said that the draft is likely to be sent to the Legislative Yuan by next week.

The legislator said the draft aims to prevent double taxation — implementing two taxes on one tax target — and to ease the impact of taxes on the stock market.

Lu suggested that in the current situation — if the draft is passed — the government might consider adjusting the tax rate to 0.15 percent.

According to Lu, the stock market could further contract due to economic woes and reduced trade volume. In order to ensure companies can raise enough funds, the government should implement measures to bolster the stock market.

Lo stated that in the last session he suggested that the stock transaction tax be lowered to 0.1 percent when it was implemented, but his proposal was not able to be reviewed. He said he hoped the amendment draft can be passed by this session.

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