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Taiwain's ruling Kuomintang (KMT) party is expected to back a proposal to lower the business income tax rates for all profit-seeking organizations to 17.5% from the 20% proposed earlier, reports the China Post.

The Post notes that lawmakers from major parties will hold today a new round of consultations over the draft statute for industrial innovation (SII), which failed to clear the legislative floor mainly due to strong opposition from the Democratic Progressive Party (DPP).

The SIU bill aims to attract more investments by offering tax breaks. But private activist groups that have been pressing for a boycott of the passage of the SII. They claim that the SII will only further widen the gap of incomes in Taiwan.

“The bill is not only unfair to smaller business and industrial operators, it will also result in the depletion of the country's tax revenues,” Wang Jung-chang, convener of the Fairtax Alliance told the Post.

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