TAIPEI (TVBS News) — Taiwan made an important move in January 2023 — allowing millions of college students to step into adulthood before they reach their twentieth birthday.
This means that many responsibilities and rights once reserved for those over twenty can now be taken on by eighteen-year-olds. Banks accounts, credit cards, marriage, and dropping out of school all await with the newly found independence at this earlier age of majority.
Some institutions, such as National Chengchi University and National Taiwan Normal University have already adapted their policies in the wake of recent amendments to the law.
However, other educational facilities like National Taiwan University remain steadfast in their requirement for parental approval before allowing a student to pause his or her studies or withdraw from school.
From May 2024, parents will no longer be able to enjoy tax incentives for their children who have already turned 18.
However, this change in the law offers an opportunity for families to manage property taxes with more efficient planning as those aged 18 are now considered individual households when it comes to housing tax, land value tax, and land increase tax calculations.
According to Wang Rui-hong, an accountant, "In terms of income tax, there is another situation, the so-called real estate and real estate integration tax. The main impact of the real estate and real estate integration tax is, if you want it to be applicable for the so-called rent tax concession for self-occupied land, one of the conditions is that either the spouse, or children that are minors must be registered at this real estate."
"So if today, I originally chose a child aged 18 to 20 years old to be registered here, and they suddenly become legal adults this year, they will not meet this requirement, and will lose the tax benefits of the self-occupied land," Wang added.
With age come both privileges and the need for increased legal accountability.
As more individuals are now legally adults at a younger age, they must shift their perspectives to approach life's decisions in a way that reflects adulthood.