Tuesday, October 21, 2008

Taiwan slashes estate tax from 50% to 10%

How novel...politicians who understand that government does NOT create jobs. Taiwan actually wants to be economically competitive with the rest of the world.

The new government is losing no time in implementing financial reforms, despite the global financial crisis now wreaking havoc around the world. It wants to regain its regional standing against Hong Kong and Singapore, and has its sights set on turning Taiwan into a regional asset management hub.

According to finance minister Lee Sush-der, the bill will cost the government NT$20 billion in lost tax revenue each year. But the loss will pay for itself in the form of a more vibrant economy.