February 24, 2014 / 8:46 AM / 4 years ago

Taiwan to raise income tax paid by banks, insurers to 5 pct

TAIPEI, Feb 24 (Reuters) - Taiwan’s finance ministry said on Monday it will raise the income tax paid by banks and insurance companies to 5 percent from 2 percent currently, in its latest effort to tackle the island’s rising debt.

Income tax paid by securities houses, futures and asset management firms will remain the same at 2 percent, the ministry said in a statement.

The increases are subject to approval by parliament.

Taiwan’s debt has surged in the past years, rising to T$5.4618 trillion ($182 billion) as of January, according to local media reports. No comparison figure was available.

Banking stocks fell 1.7 percent on Monday after local media reported the tax hike. The main share index slipped 0.5 percent. (Reporting by Jeanny Kao and Faith Hung; Editing by Kim Coghill)

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