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“Death and Taxes”—A Review of Estate and Gift Taxation in Taiwan

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“Death and Taxes”—A Review of Estate and Gift Taxation in Taiwan 2016/11/22 “Death and Taxes”—A Review of Estate and Gift Taxation in Taiwan Joe CHEN Department of Public Finance Nov. 15 & 22, 2016 Seminar on Political and Economic Development of Taiwan IMAS, IMES, IDAS at NCCU Source: textbook and http://www.vincelewis.net/tax.html 1 2016/11/22 Sources: http://en.wikipedia.org/wiki/File:Window_Tax.jpg; http://en.wikipedia.org/wiki/File:Windows_in_Brighton_St reet,_Edinburgh.jpg; http://londongirl.hubpages.com/hub/Ten-Weird-Taxes-You- Probably-Dont-Have-To-Pay-Now Source: 冠吟 (100205052) 2 2016/11/22 Source: http://en.wikipedia.org/wiki/William_III_of_England Daylight Tax of King William III of England • King William III 1650—1702 (Reigned 1689 —1702) • The “Daylight Tax” was introduced in 1696 by King William III of England. It was officially called Window or Glass Tax in that a property owner or occupier was taxed on the number of windows in their building • In 1851, 155 years after Daylight or Window Tax had been introduced it was abolished and replaced by House Duty or a tax on property which is similar to normal methods of tax today 3 2016/11/22 Source: by Draken in Google Earth Source: by Draken in Google Earth 4 2016/11/22 Source: by Draken in Google Earth Tax on finished churches in Brazil in the 18th century • Igreja de São Pedro dos Clérigos, Terreiro de Jesus, Salvador, Bahía, Brasil • Visitors can see the transition between the rococo and the neoclassic styles by observing the church’s interior, specially the large panel on the ceiling and the main altar. • This like many others built in the 18th century, was left with one of its towers missing in order to avoid a tax on finished churches. 5 2016/11/22 Tax based on the width of one’s house in Holland in the 17th century Source: textbook Tax based on the width of one’s house and the number of windows in Poland Kanonia 20/22 (Warsaw, Poland) 17th century house in one corner of Warsaw’s Old Town Square. Four hundred years ago, the people of Poland were subject to a property tax based on the width of the street-facing façade and the number of windows on that side. Slightly wider than the door and with just two stacking windows, this building was a major money-saver. It was partially destroyed in 1944 and Source: rebuilt in 1959 according to its http://www.elledecor.com/decorating/articles/12_na original design. rrowest_homes_world 6 2016/11/22 Some Quotes about Taxation • Our new Constitution is now established, and has an appearance that promises permanency; but in this world nothing can be said to be certain, except death and taxes. ~ Benjamin Franklin • America is a land of taxation that was founded to avoid taxation. ~ Laurence J. Peter • The art of taxation consists in so plucking the goose as to get the most feathers with the least hissing. ~Jean Baptist Colbert Some Quotes about Taxation • What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin. ~Mark Twain • Did you ever notice that when you put the words “The” and “IRS” together, it spells "THEIRS?" ~ Unknown • A fine is a tax for doing something wrong. A tax is a fine for doing something right. ~ Unknown 7 2016/11/22 Some Quotes about Taxation • 柳宗元，《柳河東集》，〈捕蛇者說〉： 「永州 之野產異蛇，黑質而白章；觸草木，盡死；以齧 人，無禦之者。」、「嗚呼！孰知賦斂之毒有甚 是蛇者乎！」 Outline I. Taiwan Tax System—An Overview Budget and Deficit The Classification of Taxes II. Estate and Gift Taxation in Taiwan Background Design and Current Status Main Questions of a Reform Proposal III. Some Data Analysis International Experiences The Development in Taiwan Tax Rate Change and Tax Base Effective Tax Rate of the Estate Tax 8 2016/11/22 Outline IV. Main Conclusions V. Reform Proposals Short-term vs. mid- and long- terms Remarks Taxation and behavior Tax rate structure Tax capitalization Excess burden Taxation of Gift Trust 9 2016/11/22 I. TAIWAN TAX SYSTEM—AN OVERVIEW Budget and the Composition of Tax Revenue According to the 2016 budget approved by the Legislative Yuan: in 2016, yearly expenditure amounts to NT$1,975.8 billion, yearly revenue amounts to NT$1,822.4 billion; at the same time, the tax revenue amounts to NT$1,440 billion. 10 2016/11/22 Budget and the Composition of Tax Revenue Expenditures, Revenues, and Tax Revenues 100% billions 2,000 90% 80% 1,500 70% 60% 50% 1,000 40% 30% 500 20% 10% 0 0% 101 102 103 104 105 Tax Revenue/Expenditure Revenue/Expenditure Expenditure Revenue Tax Revenue Budget Deficits Budget Deficit (including special budgets and debt payment) 600,000 500,000 400,000 million 300,000 200,000 100,000 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 11 2016/11/22 Composition of Tax Revenue Net tax revenue pie chart in 2014 Net Tax Revenue Pie Chart 3. Land taxes 5. Custom 9.03% duties 5.6% Others 11.8% 2. Business tax 7.5% 1. Income tax 42.4% 4. Commodity tax 9.02% Security transaction tax 4.6% The Classification of Taxes Use y to denote income, C for consumption, and W for end of period wealth. An individual’s activities at period t satisfy: yt Ct Wt Wt1 Ct Wt RHS: sources of income; LHS: uses of income. In a multiple tax system (pretty much every country in the world), the so-called double taxation is necessary. As a matter of fact, from taxation theory, one can justify double taxation: Efficiency; Redistribution; Administration and compliance. Avoid violating constitutional rights: Principle of Equality; Principle of Proportionality. 12 2016/11/22 The Classification of Taxes There are economic bases of taxation: Income; Consumption; Property. Tax incidence: direct vs. indirect taxes Revenue sharing among governments: national vs. local taxes Tax Classification by Economic Bases By economic tax bases: Income: Consolidated (Individual) Income Tax, Profit-Seeking Enterprise (Business or Corporate) Income Tax, Income Basic Tax, and Land Value Increment Tax; Consumption: Business Tax, Customs, Commodity Tax, Specifically Selected Goods and Services (Luxury) Tax, Entertainment Tax, and Tobacco and Alcohol Tax; Property: Land Value Tax, House Tax, Vehicle License Tax, Estate Tax, and Gift Tax. Taxes may also be imposed on the venues of economic transactions where there are neither income nor consumption involved: Transaction (circulation/opportunity): Security Transactions Tax, Futures Transactions Tax, Stamp Tax, and Deed Tax. 26 13 2016/11/22 Tax Classification by Tax Incidence In theory, there are taxes that do not shift—i.e., the statutory incidence of the tax is the same as the economic incidence of the tax, e.g., profit tax and land value tax; but in practice, all taxes shift. By the incidence, taxes can be divided into two categories: direct vs. indirect tax. In the former, the tax is more difficult to shift around. 31 27 Tax Classification by Tax Incidence Consolidated Income Tax, Profit-Seeking Enterprise Income tax Basic Income Tax, Direct Tax Land Value Increment Tax Land Value Tax, House Tax, Estate Tax, Gift Tax, Securities Transactions Tax, Futures Transactions Tax, Deed Tax Customs, Commodity Tax, Luxury Tax, business Tax, Indirect Tax Stamp Tax, Vehicle License Tax, Entertainment Tax, Tobacco and Alcohol Tax 31 28 14 2016/11/22 Revenue Sharing among Governments The tax revenue of a national tax belongs largely to the central government; the tax revenue of a local tax belongs largely to the local government itself. Except customs and associated business and commodity taxes from imports, all national taxes are collected by the National Tax Administration. Local taxes are administrated by the local governments. 29 Revenue Sharing among Governments Consolidated Income Tax, Profit-Seeking Enterprise Income tax, Basic Income Tax, Estate Tax, Gift Tax, National Securities Transactions Tax, Taxes Futures Transactions Tax, Customs, Commodity Tax, Business Tax, Tobacco and Alcohol Tax, Luxury Tax Land Value Increment Tax, Land Value Tax, House Tax, Local Taxes Deed Tax, Stamp Tax, Vehicle License Tax, Entertainment Tax, 31 30 15 2016/11/22 II. ESTATE AND GIFT TAXATION IN TAIWAN Background (1/2) The “singularity” of estate and gift tax A property tax? An income tax? A consumption tax? High administration costs A small tax in terms of revenue share (1.3% of total tax revenue in 2014) The most unpopular tax Double taxation Taxing the dead … The most symbolic representation of social wealth redistribution Against human nature: death and taxes 16 2016/11/22 Background (2/2) Lots of controversies since the 2009 reform; many calls for another reform Wealth distribution is no longer an interest of socialists and academics (it’s #1 on the NY Times bestselling list) Pressures from the Legislative Yuan Financing for the long term care system Design and Current Status (1/2) The tax system differentiates estates (gifts) received from natural persons and gifts received from legal persons (for-profit enterprises) The former is taxed under estate and gift tax; The latter is taxed under income tax. In other words, estate and gift tax is a tax of natural persons. A “total estate tax” approach taxes total estates; a “divided estate tax” approach taxes the part of estates (legacies) as received by each heirs (legatees). A “divided estate tax” is imposed on the recipient of inherited properties or bequests, thus it’s an “inheritance tax”. 17 2016/11/22 Design and Current Status (2/2) Due to the substitutability of estate and gifts (an estate is a gift after death; a gift is an “estate” while alive), “total gift tax” (tax on the donors) is used to complement “total estate tax”, and “divided gift tax” (tax on the donees) is used to complement “inheritance tax”.
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