Chang named top finance minister for 2015

2015-01-08

Taiwan’s Chang Sheng-ford was named Finance Minister of the Year 2015 by London-based magazine The Banker Jan. 5, highlighting his success in pushing for real estate and income tax reform.

“I am pleased that my work has earned positive U.K. media reviews and helped the world obtain a better understanding of Taiwan,” Chang said. “This award is a just appraisal of the efforts of all my colleagues in the ministry, as well as in the executive and legislative arms of the government.”

The annual award recognizes the excellence of officials in stimulating growth and stabilizing their economies over the past 12 months. Chang is the first Taiwan finance minister to receive the prestigious honor.

Chang was picked best finance minister globally and in the Asia-Pacific. Other winners were Colombian Mauricio Cardenas for the Americas, Egyptian Hany Kadry Dimian for Africa, Pole Mateusz Szczurek for Europe and Saudi Arabian Ibrahim Abdulaziz Al-Assaf for the Middle East.

According to the magazine, Chang had a challenging 2014 as he sought to facilitate wealth redistribution in society. He set about reflecting actual capital gains by taxing the value of houses and land together, in addition to determining property value based on real transaction prices instead of assessments.

Other progress includes income tax for Taiwan’s wealthiest earners raised 5 percentage points to 45 percent, boosting the contribution of high-income earners, and public debt capped at 38.6 percent of the nation’s gross domestic product to steady the economy.

Chang’s role in negotiating the Cross-Strait Trade in Services Agreement, especially the avoidance of double taxation in bilateral trade, was also singled out by the magazine as a factor in his selection.

Determined by the magazine’s review committee, the award is based on the professional opinions of bankers and economists worldwide. ROC Central Bank Gov. Perng Fai-nan was named Central Bank Governor of the Year by the magazine in 2009.

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=225996&CtNode=413)