MOF announces typhoon tax relief
The Ministry of Finance ( MOF,
) yesterday announced tax relief measures available to taxpayers who sustained losses from Typhoon Soudelor, which made landfall on Aug. 8.
Farmers with stricken crops will be compensated through state emergency assistance funds, and the crops will be rendered exempt from income tax, the Finance Ministry stated in a press release.
Taxpayers with storm-damaged cars or scooters that need repairs may receive a refund of their vehicle license tax ( ) payment for the period of time that the vehicle is out of commission, the ministry said.
According to current tax rates, the refund for a small passenger car with a cylinder displacement of between 1,801 and 2,400 cubic centimeters would be NT$11,230 per year, or NT$ 935.80 each month. For a scooter with cylinder displacement between 501 and 600 cubic centimeters, savings would amount to NT$2,160 a year or NT$180 each month.
To be eligible, a taxpayer should report the condition of the vehicle to the local motor vehicles office within a month after the typhoon made landfall.
Other Tax Exemptions Available
Taxpayers, whose property was damaged and businesses that were unable to open for business due to flooding, are also eligible for tax relief, the Finance Ministry said.
Within 30 days of the disaster, taxpayers can apply for partial exemption from their income tax ( ), land value tax (
) and other relief to offset stormrelated losses.
Deductions from the housing tax ( ) are available for properties that sustained over 30-percent damage from Typhoon Soudelor, according to an exemption plan released yesterday.
Businesses can claim deductions from the business tax ( ), tobacco and alcohol tax ( ) and amusement tax ( ).
In accordance with government provisions, applicants must submit documentation of storm-related losses that must be confirmed by the state.
The Finance Ministry said that it has sent ministry personnel to the areas worst-hit by the storm to help taxpayers apply for tax exemptions.
For more information, call the National Taxation Bureau ( ) at 0800-000-321 or reach a local tax office through the toll-free service hotline 0800-086-969.
Also yesterday, the ministry said it was working with Land Bank ( ) to provide low-interest loans to businesses and homeowners for disaster reconstruction.
A farmer examines damage to his banana crop in Liujiao Township ( ), Chiayi County, yesterday. For months, farmers in this rural township had anticipated a healthy profit due to an increase in the wholesale cost of bananas. This farmer photographed by the Central News Agency saw a year’s labor wiped out in little over two days by Typhoon Soudelor, just weeks before harvest.