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Article: TAIWAN MINISTER TOUTS IDEA OF COMBINING INHERITANCE, GIFT TAXES.
- Article from:
- AsiaPulse News
- Article date:
- December 18, 2006
CopyrightCOPYRIGHT 2006 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TAIPEI, Dec 18 Asia Pulse - Finance Minister Ho Chih-chin said Saturday he would like to reform the rules on inheritance and gift taxes so that people will have "a lifetime" to transfer their assets to their children or relatives.
Speaking at a seminar on tax reform, Ho said under the "lifetime assets transfer" system, a person can give as a gift to others - while he or she is alive - the deductible amount that would be due when this person dies.
For instance, he said, parents can choose to provide financial help in the form of deductibles from an inheritance tax to their children when they want to buy a house or create a business.
This means a ...