The amendment to Articles 14-2, 88, and 89 of the Income Tax Act was promulgated by the President on July 10, 2013, abolishing the capital gains tax imposed on residents in the territory of ROC for securities transactions conducted in 2013 and 2014 when the Taiwan stock closing index is 8,500 or higher. Moreover, starting in 2015, an individual who sells shares for a total amount in excess of NTD 1 billion in a taxable year shall be subject to the capital gains tax for securities transactions, , taxable at the tax rate of 0.1% on the portion of the amount in excess of NTD 1 billion or, at the taxpayer’s option, at the rate of 15% on the total sales amount.