Taiwan's Finance Minister Christina Liu on Tuesday resigned from the post amid strong disagreements with the ruling party over the introduction of the capital gains tax.
In a brief statement, Liu's said the Ministry proposed the tax out of fairness and justice. But, according to the latest version of the tax plan, revised by the KMT legislative group, those who earn high profits from the stock market still don't have to pay the tax, she noted.
"I can not agree on the policy concept and has since resigned from the post of Minister of Finance," Liu said. Taiwan stocks rallied on Tuesday after the ruling party submitted its proposal on the controversial tax, which was more investor-friendly than Liu's version.
Under the KMT proposal, investors can choose to pay the tax when the market trades above 8,500 points or they can add their stock trading profits to their annual income.
Liu had proposed a tax rate of up to 20 percent for capital gains of over TWD 4 million a year for retail investors.
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