Industry Upgrading Measures Cost Taiwan A Huge Tax Loss.

(From Taiwan Economic News)

Taipei, July 31, 2006 (CENS)--Taiwan's Statue for Promoting Industrial Upgrade had exempted local enterprises from paying as much as NT$400 billion (US$12.5 billion at US$1:NT$32) in business income tax in the four years ending in 2004, according to the Financial Data Center of the Ministry of Finance. The data center's statistics show that the tax exemption and offset topped NT$170 billion (US$5.3 billion) in 2004 alone, setting new high and accounting for over a half of the tax the government levied that year. With tax exemptions for last year taken into account, the total tax loss was estimated to rise to over NT$500 billion (US$15.6 …