31 May '12, 9am

TSMC chairman criticizes capital gains tax

TSMC chairman criticizes capital gains tax Cage Chao, Taipei; Steve Shen, DIGITIMES [Thursday 31 May 2012] Morris Chang, chairman of Taiwan Semiconductor Manufacturing Company (TSMC), has openly criticized a capital gains tax proposal formulated by Taiwan's ruling KMT party caucus at the Legislative Yuan (parliament), stating that the proposed tax ruling will cost TSMC up to NT$3 billion (US$100 million) a year. The capital gains tax program, as proposed by the KMT party caucus, will levy capital gains taxes from corporate bodies and individual investors, separately. The proposal suggests setting a tax rate of 12-15% for capital gains generated by enterprises through their stock holdings, but will reduce the tax payments for those stocks held over one year. TSMC may need to pay capital gains taxes of up to NT$3 billion if the tax rate is set at 12% although TSMC does not e...

Full article: http://www.digitimes.com/news/a20120531PD204.html

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