Public out­cry on stock gains tax should cease: group

The China Post - - BUSINESS - BY LAURA LIN

On the sub­ject of gov­ern­ment tax­a­tion on stock gains, Chi­nese Na­tional Fed­er­a­tion of In­dus­tries ( ) Chair­man Rock Hsu ( ) said that the con­tro­versy has had a neg­a­tive im­pact on the stock mar­ket and the de­bate should come to an end.

Hsu made the com­ment at a meet­ing of the Third Wed­nes­day Club ( ), an as­so­ci­a­tion with mem­bers from 65 lead­ing na­tional com­pa­nies. He said stock gains tax has long been part of the stock trans­ac­tion tax.

Hsu s aid he is be­hind Kuom­intang (KMT) pres­i­den­tial can­di­date Hung Hsiu-chu’s (

) tax­a­tion re­form plan that was de­clared re­cently. He hopes the plan will soon pass the up­com­ing leg­isla­tive ses­sion and be im­ple- mented to mend the wounds of the do­mes­tic stock mar­ket.

Es­ti­mates show that the gov­ern­ment has col­lected NT$ 80 bil­lion less in stock trans­ac­tions tax in the past three years, be­cause the con­tro­versy has made stock buy­ers less will­ing to in­vest.

We should stop de­bat­ing over the tax­a­tion is­sue, said Hsu, adding that the is­sue is a ma­jor harm to the econ­omy. He fur­ther ex­plained that over­seas busi­nesses would hold back from in­vest­ing in the Tai­wanese mar­ket if the econ­omy keeps re­ced­ing.

It is vi­tal that the na­tion reaches the con­sen­sus of work­ing to­gether to strengthen the econ­omy, be­cause if not, Tai­wan may fall be­hind other coun­tries in com­pet­i­tive­ness, Hsu re­marked.

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