A luxury tax may soon become a reality here in Taiwan. In order to stop the wealth gap from widening, the Ministry of Finance is planning to levy a tax of 5 to 20% on high-priced consumer goods such as yachts, private aircrafts and high-end automobiles. The new measure may take effect within six months at the earliest.

High end sports cars along with luxury jewelry and diamonds and other items may be classified in a new luxury tax.

The Ministry of Finance is looking at the top, high end, consumers.

In addition to luxury autos larger than 3000cc, private aircraft and yachts, gold, jewelry, designer bags, may see luxury tax increased from 5% to 20%.

This bill is expected to be introduced in January and it will be levied based upon the following example.

500,000 NT$ brand-name hand bags, is something that the average white collared worker cannot afford,

and those that are priced at 50,000 NT$ and below are something that average workers can afford and won't be taxed.

Some say that this luxury tax levied for the high-value items will increase state revenue,

but scholars are worried that once the luxury tax is levied, the rich may go abroad to spend.

Scholars believe that the luxury tax imposed may address the M-type society and close the wealth gap, but no relevant supporting measures and hasty implementation may be counterproductive.

They believe that true tax equity, could be achieved with capital gains tax which is the root of the problem.

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