Finance ministry highlights tax breaks for renters

Finance ministry highlights tax breaks for renters

2024-01-05

Consumer prices are as high as ever, but renters will get a big tax break in the coming fiscal year. In an interview with Liberty Times, finance minister Chuang Tsui-yun highlighted a raft of tax adjustments approved just two months ago. Renters in particular stand to benefit. Let’s hear from her.

Chuang Tsui-yun
Finance minister
Based on all of our adjustments, for the 2024 fiscal year, the tax-free threshold for a renter who is single is now NT$626,000. That is, such a tax filer would pay no taxes if his or her income falls below NT$626,000. As for double-income families who rent and do not own their own homes, that threshold could be as high as NT$1.072 million.

Member of public
Of course that’s good news, because the cost of everything has gone up while salaries have stayed the same.

Member of public
It is beneficial, because lots of people, when they’re paying taxes, they have to go to their parents and ask to claim them as dependents. To be honest, claiming your folks as dependents is the good way to save on your taxes.

Taiwan’s consumer price index rose 2.71% last month, according to a government statement on Friday. That figure takes the overall inflation rate for 2023 to 2.5%, the second-highest in 15 years, second only to that of 2022.

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財政部提升免稅門檻部長莊翠雲親上節目說明

2024-01-05

物價高漲，財政部為了減輕民眾負擔，提高基本生活費、綜合所得稅免稅額及多項扣除額，2025年申報今年所得稅時適用，財政部長莊翠雲親上節目，針對租屋族的部分做出說明。

[[財政部長莊翠雲]]
“經過我們這一次一個調整以後，在113年度的時候，他(單身)可以扣除的總額有62萬6千塊，他年所得只要低於62萬6千，那就可以不需要繳稅，對於在外面租房子，然後沒有自有房屋雙薪家庭，相關扣除額，也可以到107萬2千”

[[民眾]]
“當然是好事，因為現在物價都上漲了，只有薪水沒漲”

[[民眾]]
“是有利的，因為現在很多人，如果要繳稅的話，還要找爸爸媽媽，看可不可以幫忙來抵稅，說實話嘛，對啊，就是用靠撫養的部分，去少繳一點”

根據主計總處公布最新物價指數，12月CPI年增率2.71%，主要是水果、肉類和外食費高，至於2023整年的CPI 2.5%，創下近15年來次高，只低於2022年。

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On the campaign trail: an extended metaphor, supporters in costume, and more temples

Turning now to the presidential election. With just eight days till the big day, all three presidential contenders are hot on the campaign trail. Despite having a cold, the DPP’s Lai Ching-te continued his national tour to arrive at Pingtung, where he used an analogy to underscore the importance of a ruling party having a legislative majority. Meanwhile the KMT’s Hou Yu-ih focused his efforts in New Taipei, doing meet and greets at a market and two temples. And finally, Ko Wen-je of the Taiwan People’s Party spent the day in Taichung, where he was warmly received by supporters in costume.

DPP presidential candidate Lai Ching-te arrived at Pingtung on Friday to inaugurate a Hakka support group. He began by greeting the crowd in Hakka.

Lai shared a stage with DPP legislative candidates Chung Chia-pin and Hsu Fu-kuei , as well as party list nominee Chang Hsiu-chun. Drawing on a metaphor from a street advertisement, he explained why the DPP must secure a legislative majority.

Lai Ching-te
DPP presidential candidate
The president and vice president control the direction of the steering wheel – that is, the steering wheel of a car. But the engine of the car is the Legislative Yuan. The engine is parliament. Even if the driver and the co-driver steer the car in the right direction, if the engine is weak, the car still won’t go. So the Legislative Yuan is extremely important. We need to secure a legislative majority.

Meanwhile, the KMT’s Hou Yu-ih was in Luzhou, New Taipei, campaigning at a market and visiting temples. Local borough warden Su Ya-chi, despite being a member of a DPP support group, still came out to show support.

Hou Yu-ih
KMT presidential candidate
As mayor of New Taipei, I do not distinguish between blue and green. All 1,032 borough wardens in the city have a good relationship with me. Su Ya-chi is the head of the borough warden association. She has worked alongside us all to improve Luzhou’s infrastructure. My future administration as president would also not make distinctions based on political affiliation.

As for Ko Wen-je of the Taiwan People’s Party, his islandwide motorcade tour continued on Friday, taking him to Taichung. He was greeted by the roar of eager supporters.

Ko Wen-je
Taiwan People’s Party candidate
Taichung has always been Taiwan’s so-called swing state. It’s switched between the KMT and DPP the most times of any administrative district.

Ko met a warm reception, with one senior voter endorsing him with a thumbs-up. Others dressed up in T.rex and frog costumes to show their support.

For more Taiwan news, tune in:
Sun to Fri at 9:30 pm on Channel 152
Tue to Sat at 1 am on Channel 53

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Protect Taiwan’s democracy with your vote: academics

A group of scholars made an appeal to voters on Friday, urging them to cast their ballot to, quote, defend democracy. At a press conference, the scholars said that the Jan. 13 election was a turning point that would shape Taiwan’s future. They called on voters not to choose the pro-China path, emphasizing that the EU and U.S. were both reducing their economic dependence on Beijing.

With just over a week till Election Day, scholars urged voters to cast their ballot “for democracy.” At a Friday press conference, they called on Taiwan to avoid reverting to its old pro-China policies.

Shen Yu-chung
Tunghai University
We certainly don’t want to see our current path of reform be changed after this year’s election. On Jan. 13, come out to vote and defend Taiwan’s hard-won democracy and human rights. Over the last eight years, we’ve deepened our connections with the international community, cementing a sort of democratic alliance.

Wang Hung-jen
National Cheng Kung University
Don’t indulge in wishful thinking about the Chinese market. Europe and the U.S. have already begun derisking from the Chinese market. The process of derisking involves gradually moving foreign capital out of China, anticipating a “black swan event” in the future. Taiwan is now seen as an investment opportunity, and not a geopolitical risk.

The academics expressed concern about China’s election interference. Whether it be spreading disinformation or buying influence, China has made moves to sway the vote. Scholars said the world was closely watching the election results, which would shape Taiwan’s future path.

Wang Guo-chen
Chung-Hua Institution for Economic Research
I feel that the pro-China path is a thing of the past. China’s economy is now in decline. Around New Year’s Eve, many international institutions were forecasting that China’s economy won’t do well this year. At the end of the day, is the pro-China strategy more beneficial for China or Taiwan?

The scholars called on voters to use their ballots to protect Taiwan’s democracy.

For more Taiwan news, tune in:
Sun to Fri at 9:30 pm on Channel 152
Tue to Sat at 1 am on Channel 53

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On New Year, Taiwan, China leaders offer contrasting visions of future

Chinese President Xi Jinping has renewed his threat to take over Taiwan, while Taiwan’s President Tsai Ing-wen called for peaceful coexistence with Beijing. The two leaders’ New Year comments come just ahead of the Taiwan presidential election that could have a big impact on Taiwan-China relations. Voice of America’s Bill Gallo reports from Taipei.

Ringing in the New Year in Taiwan. A festive mood. But plenty of uncertainty ahead of an election that will shape the future of this democratic island.

In a New Year speech, President Tsai Ing-wen called for Taiwan to safeguard peace and democracy.

Tsai Ing-wen
Taiwan president
We also hope the two sides will jointly seek a long-term and stable way of peaceful coexistence under peace, parity, democracy and dialogue.

In Beijing, a different vision. President Xi Jinping renewed China’s threat to take over Taiwan.

Xi Jinping
China president
China will surely be reunified, and all Chinese on both sides of the Taiwan Strait should be bound by a common sense of purpose and share in the glory of the rejuvenation of the Chinese nation.

On the streets of Taipei, there’s virtually no appetite for what Xi is proposing.

Wu Kuan
Taipei resident
I don’t want to be a part of China. I think of myself as Taiwanese. I’m not Chinese.

Sean Chen
Taipei resident
For me, Taiwan is Taiwan, China is China. It’s too different.

Wilbur Su
Taipei resident
I think China is China, and Taiwan is Taiwan. I feel right now it is good. We don’t need to do any change.

Next week, Taiwan holds a general election. The ruling party candidate holds a slight lead over his opposition rival. The opposition has traditionally supported closer ties with Beijing.

But that position has gotten much harder to maintain, as China increases its military threats against Taiwan.

In recent months, Chinese military aircraft and ships have come closer than ever to Taiwan – a reminder of danger on the horizon.

Bill Gallo, VOA News, Taipei, Taiwan.

For more Taiwan news, tune in:
Sun to Fri at 9:30 pm on Channel 152
Tue to Sat at 1 am on Channel 53

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Shipping costs soaring as Red Sea crisis continues

Freight costs are soaring as the crisis in the Red Sea continues unabated. Attacks on shipping vessels by Yemen’s Houthi rebels have forced carriers to divert their cargo, taking a longer and more expensive route around the Cape of Good Hope. Experts say that if the crisis is not resolved, it could result in higher prices for Taiwan’s consumers.

Natasha Bertrand
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The uptick that we have seen is really remarkable, it has really ensnared international shipping and commerce.

With shipping attacks continuing in the Red Sea, freight firms have been forced to avoid the Suez Canal, the shortest shipping route between Asia and Europe. The canal handles some 12% of the world’s shipping traffic each year. The new longer routes have added days of travel time, raising freight costs, delaying deliveries, and hurting global trade.

Anna Stewart
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There are a number of concerns here, for oil particularly. First of all, this is an important route for oil tankers of course, and some of them like BP are already taking a very long route around. There’s also a big risk of escalation at this stage.

Carriers have already diverted more than US$200 billion in trade from the Red Sea. Assuming a cruising speed of 15 knots, redirected freight must travel at least 10 extra days, raising costs for fuel and crew labor. Analysts say that if the crisis continues unabated, these higher costs will be eventually be borne by consumers, posing a fresh inflation risk.

Wang Ching-feng
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Some estimate the delay to be 15 days. There are extra transport costs and fuel costs. And now there’s also a container detention and demurrage charge. Altogether, these fees have already exceeded freight rates of the containers. The likelihood of the crisis abating over the short term is not high.

In this week alone, cargo rates for Asia to Europe have doubled. To make matters worse, the Panama Canal is cutting 40% of its vessel traffic due to drought. The longer wait times are set to further raise costs for shipping between the U.S. and Europe. Although the crisis has boosted Taiwan’s shipping stocks, by up to 30%, experts warn that the gains are short-lived. Once the Red Sea crisis is resolved, they say, stock prices are expected to correct.

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Sun to Fri at 9:30 pm on Channel 152
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Unbowed by war, United Ballet of Ukraine performs in Taipei

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The United Ballet of Ukraine performs “Giselle,” a classic Romantic ballet. Before its debut at Taipei’s National Theater, the company had rehearsed intensely in Ukraine. Undeterred by the ongoing war, the dancers remained committed to their art.

Arsen Marusenko
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I think it’s a wonderful experience to support the dancers in this situation because I think it’s very important to keep doing what you love because I think love will save us in the end.

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Spotlight on the designs at this year’s Taiwan Lantern Festival in Tainan

The Taiwan Lantern Festival will be held in Tainan for the first time in 16 years. The event’s main lantern was inspired by the dragons at Grand Mazu Temple in the southern city. The event will also give away small lanterns as souvenirs inspired by xiaolongbao, or little steamed buns. Our very own Stephany Yang spoke to the designers of the lanterns to find out more.

The Taiwan Lantern Festival’s centerpiece was inspired by dragons at the entrance of Tainan’s Grand Mazu Temple. The 22-meter-tall lantern was built sustainably using ethylene vinyl acetate and a unique form of carbon called Buckminsterfullerene. It’s also powered by solar technology, significantly reducing its power consumption.

Camay Peng
Designer
This marks the first time we had the opportunity to work with National Taiwan University’s department of green energy technology. It’s a great honor to be able to use this material in the main lantern. The main lantern will be set near the high-speed rail, at the exhibition center. The sky is very beautiful there, with not many buildings obscuring the view, so people can take selfies with this huge 22-meter-high lantern. You will definitely capture a lot of stunning angles.

Camay Peng is an award-winning designer who’s worked on lanterns for a variety of festivals. She also served as a curator for the 2023 Penghu International Lighting Art Festival. This year marks Tainan’s 400th anniversary as a city. Peng says that through her design work, she hopes to wish Tainan a happy 400th birthday and wish everyone good luck in the Year of the Dragon.

Camay Peng
Designer
This main lantern involves the most mechanical energy of any main lantern in the past 35 years. In the Year of the Dragon, the main lantern is returning to Tainan. This year’s lantern festival will be sure to leave people with many happy memories and a cultural legacy.

Stephany Yang
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Aside from the main lantern, there is also a children’s lantern that can be worn around the neck.

This year’s handheld lantern for children is by Lin Chia-wei. She’s the designer behind the many lanterns for the Taipei Lantern Festival. For this event’s design, she reimagined the fierce dragon into a cute, charming creature inspired by the Taiwanese steamed bun. The mouth of the dragon can be opened and closed, allowing children to store small toys and candy inside.

Lin Chia-wei
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As for this year’s design, we made the slender dragon head round and chubby. Children can put their toys or snacks in the dragon and then snap up the buttons at the back. When the dragon’s mouth opens, these small toys will spit out from the mouth. I hope to wish everyone good luck with this design.

The Taiwan Lantern Festival will be in Tainan for the first time in 16 years at two locations: the Tainan high-speed rail station and Anping District. There will be English, Mandarin, Hakka, and Japanese tour guides onsite.

For more Taiwan news, tune in:
Sun to Fri at 9:30 pm on Channel 152
Tue to Sat at 1 am on Channel 53

2024-01-05