Finance Minister Chang Sheng-ford is defending the government’s decision to impose tax hikes on the rich.
The legislature passed a draft bill on Thursday to increase taxes on banks, major shareholders, and the wealthy. Under the draft bill, the business tax on banks will rise from 2% to 5%, and the top income tax rates from 40% to 45%. The tax hikes are expected to bring NT$65 billion (US$2.15 billion) in government revenue.
On Friday, the finance minister said that many wealthy people are happy to contribute more. He also said paying taxes is a civic obligation.