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Major Policies of the Ministry of Finance in 2020

I. Innovating financial strategies for sound national finances

1. Establishing multiple channels for the cultivation of financial resources
2. Implementing centralized disbursement management
3. Strengthening debt management
4. Enhancing local financial assistance and evaluation
5. Promoting the draft amendment of the “Act Governing the Allocation of
    Government Revenues and Expenditures”
6. Strengthening government-controlled enterprise management
7. Advancing the tobacco and alcohol administration
8. Improving the stable development of the Public Welfare Lottery 

II. Establishing a Reasonable Tax System, Promoting Simple and Convenient Measures

1. Providing itemized expense deductions for wage and salary income 
2. Providing special deduction for long-term care
3. Overall review of the Tax Collection Act and proposed draft amendments
4. Cooperating in proposing the provision of tax credit for the investment of smart machinery and 5th generation mobile networks
5. Collaborating in providing tax incentives of the Statute for Industrial Innovation
6. Establishing a tax system that encourages mergers and acquisitions of startups
7. Promoting measures to assist Taiwanese companies abroad to return and invest in Taiwan
8. Establishing the principle of one-time transfer pricing adjustment and      the procedures for adjusting related taxes
9. Continuing to promote the reduction of the securities transactions tax rate for stock day-trading
10. Continuing to providing commodity tax incentives for purchasing energy-labeled appliances and accelerating the phase-out of old large diesel vehicles
11. Providing commodity tax incentives for encouraging public transit and enhancing social welfare
12. Planning amendments to the Land Tax Act in line with the constitutional guarantee of equality
13. Raising the tax-free threshold of government-sponsored lotteries to NT$5,000 
14. Proposing Amendments to the Provisions of the Income Tax Act and the Estate and Gift Tax Act regarding Charitable Trusts
15. Continuing to promote mobile payment with tax incentives
16. Continuing to promoting diversified services and measures of uniform invoice redemption
17. Promoting the service of inter-departmental declaration of estate tax and gift tax
18. Continuing to promote cloud invoicing
19. Enhancing measures for consolidated income tax returns 
20. Continuing to promote services of tax payment through mobile devices


III. Providing a Facilitated Clearance Environment and Strengthening Border Enforcement

1. Strengthening Border Enforcement
2. Constructing a cloud computing data center with energy-saving technology
3. Implementing trade remedy measures
4. Refining operations of the Drug Detector Dog Team
5. Enhancing data quality and user-friendly query of trade statistics
6. Actively promoting international Customs affairs
7. Continual strengthening of anti-money laundering affairs
8. Establishing a smart platform for bonded services to promote e-fulfillment and management
9. Integrating the tariff service platform to enhance the consistency of tariff classification
10. Promoting the amendments to the Customs Import Tariff
11. Promoting the amendments of the Customs Act and strengthening Customs’ management of
      business operators

IV. Strengthening Cooperative Development to Re-purpose National Assets

1. Actively re-purposing to create asset values
2. Encouraging cooperative development between competent authorities and the private sector
3. Providing national real estate to build social housing
4. Strengthening the clean-up of occupied national non-public use real estate
5. Strengthening national non-public use real estate handover operations


V. Attracting Private Investments in Infrastructure

1. Utilizing cross-boundary cooperation to attract private investments in infrastructure
2. Reinforcing soliciting business and attracting investment to promote Public-Private-Partnership
    (PPP) investment opportunities
3. Amending or enacting PPP-relevant laws and regulations
4. Establishing diversified financing mechanisms for PPP projects
5. Continuing the participation of PPP activities and meetings to link up with the world
6. Enhancing PPP professionals and the consensus of promoting PPP projects
7. Implementing subsidy and award mechanisms to guide the authorities in promoting PPP projects


Ⅵ. Promoting the Conclusion of International Agreements and Enhancing International Exchanges
     and Cooperation

1. Promoting the conclusion of tax agreements, customs agreements, and international fiscal
    cooperation agreements; implementing tax transparency
2. Reviewing and completing the regulations and regimes related to Tax Agreements
3. Promoting international fiscal exchanges and cooperation


   
VII. Implementation of Financial Deregulation

To accelerate investment in Taiwan, administrative rulings and orders obstructing the development of enterprises have been deregulated and are under review. As of May 30, 2020, a total of 302 cases were reported in order to eliminate investment barriers and to strengthen investment in the private sectors.

 

VIII. MOF Measures for COVID-19 Epidemic Prevention, Bailout, and Revitalization

To combat COVID-19's impact on society and industries, the MOF set measures in accordance with the Executive Yuan's overall plan related to epidemic prevention, bailout, and economic revitalization. They are listed on the website (https://www.mof.gov.tw/covid19) for public reference under four themes “financing loan”, “taxation assistance”, “flexible controlled materials”,“revitalize consumption” .
 

Release date:2019-09-27 Last updated:2020-06-30 Click times:434