Tax exemption amendment passes third reading

INCENTIVE: The amendment, which is set to take effect retroactively from Jan. 1, was proposed to ease financial pressure on families raising children, the government said By Hsu Yung-ching / Staff reporter, with CNA Add TT as Preferred Source The Legislative Yuan yesterday passed an amendment to the Income Tax Act (所得稅法) raising the tax exemption threshold for dependent minor children and expanding itemized deductions for social insurance premiums.The amendment, which cleared its third reading, increases the tax exemption for dependent minor children by 50 percent to NT$151,500 (US$4,757). It also removes the NT$24,000 annual limit on itemized deductions for insurance premiums for labor insurance, farmers’ health insurance, National Pension Insurance, and insurance for military personnel,