TAIPEI (Taiwan News) — The Ministry of Finance on Wednesday rejected calls to classify mortgage interest payments as a special deduction under the individual income tax system, stating current itemized deductions provide adequate relief for most first-time homebuyers.

Special deductions in Taiwan’s tax code are standardized amounts that can be subtracted from income if criteria are met, such as having young children or incurring salary expenses. Itemized deductions allow taxpayers to deduct the actual amounts of specific documented expenses, such as medical costs or mortgage interest, according to Legispedia.

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