Public outcry on stock gains tax should cease: group
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.