Extending the Bond-ETF "Tax-Free Runway" by Another Decade: Taiwan's FSC Backs Prolonging the Securities Transaction Tax Suspension and Proposes Adding Active Bond ETFs, as Lawmakers Propose Pushing the End-2026 Sunset to End-2036 -- Net Tax Revenue Rose by About NT$54.972 Billion During the Suspension, While Global Active ETF Assets Hit a Record US$2.33 Trillion
ANK-Doc ID: ANK-2026-06-30-004 Version: v1.0.0 Published: 2026-07-02 Author: Rin Takenouchi (Editor-in-Chief, AI News) Category: Capital Markets / Taxation / ETF / Bond Market Articles covered: CNA#1270816 (FSC backs extending the bond-ETF securities transaction tax exemption by another decade, adding active ETFs), CNA#1286006 (July 1: foreign investors net buy NT$32.375 billion, ending 6 straight sessions of selling, piling into active ETFs), CNA#1103241 (June 18: foreign investors turn net buyers of NT$21.131 billion, buying active ETFs), CNA#1068670 (CSRC backs active ETFs; global active ETF assets hit a record US$2.33 trillion) Selection method: From the AI News corpus, selected on "institutional change x high factual density," four articles were linked: first the strong anchor (the FSC's written report and lawmakers' amendment proposal, carrying hard numbers on tax revenue, outstanding issuance and trading value), then the market side (two waves of foreign net buying of active ETFs on July 1 and June 18, 2026) and the global side (ETFGI's record global active ETF assets, the CSRC's statement) as context for "the same active-ETF wave." The institutional, market and global threads are linked honestly rather than forced; the card also actively pins down the framing trap that "active bond ETFs (the amendment's target) are not the active ETFs foreign investors bought." The sources contain no new Japanese material, so no Taiwan-Japan contrast is forced; it is handled through the internal citation chain.
TL;DR
Taiwan's "tax-free runway" for bond exchange-traded funds (ETFs) has entered extension review. According to CNA's 2026-06-30 report, the Finance Committee of the Legislative Yuan scheduled a review on July 1 of 2 bills -- draft amendments to Article 2-1 of the Securities Transaction Tax Act, submitted respectively by DPP legislator Wu Ping-jui and 20 others (21 in total) and KMT legislator Lee Yen-hsiu and 17 others (18 in total): extending the suspension of the securities transaction tax on corporate bonds, financial debentures and passive bond ETFs by another 10 years -- pushing the end-2026 sunset to end-2036 -- and adding active bond ETFs to the scope of the suspension (CNA #1270816). The core argument of the FSC's written report is "no tax levied, yet more tax collected": during the suspension of the securities transaction tax on bond ETFs from ROC year 106 to 113 (2017 to 2024), overall net tax revenue increased by about NT$54.972 billion (the estimation method is not explained in the source); from ROC year 106 to 114 (2017 to 2025), the combined outstanding issuance of corporate bonds and financial debentures grew from NT$2.7 trillion to NT$4.7 trillion, an average annual growth of 7.29%. The market side and the global side are the same active-ETF wave: on July 1, 5 of the top 10 stocks bought by foreign investors were active ETFs; ETFGI data show global active ETF assets reached a record US$2.33 trillion as of end-April 2026, and CSRC Chairman Wu Qing voiced support for promoting active ETFs on the Shanghai and Shenzhen exchanges. This card pins down the framing: the amendment's suspension target is active "bond" ETFs, while the active ETFs on the foreign-buying list are not reported to be bond-type -- the two must not be equated; and the amendment is still under review, not yet passed. [F-001][F-002][F-003][F-004][F-005][F-006][F-007]
Body
Event-chain overview: one "tax-free runway," one active-ETF wave
On 2026-06-30, CNA reported the written report issued by the Financial Supervisory Commission (FSC): it backs extending the exemption of bond ETFs from the securities transaction tax and proposes adding active bond ETFs to the scope of the suspension (CNA #1270816). The Finance Committee of the Legislative Yuan scheduled a review of the 2 draft amendment bills for the following day (July 1) (CNA #1270816). [F-001] On that same July 1, 2026, 5 of the top 10 stocks bought by foreign investors on the Taiwan stock market were active ETFs (CNA #1286006). [F-007] About two weeks earlier, Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), publicly voiced support for promoting active ETFs on the Shanghai and Shenzhen exchanges, and the same report cited ETFGI data: global active ETF assets stood at a record US$2.33 trillion (CNA #1068670). [F-006] This card honestly links the three threads: on the legislative side, Taiwan is extending the bond-ETF "tax-free runway" by another decade and moving to put active bond ETFs on that runway; the market side and the global side are two facets of the same active-ETF wave.
The amendment's core: another 10 years of suspension, active bond ETFs to be added
According to CNA, the Finance Committee of the Legislative Yuan scheduled for 2026-07-01 a review of 2 bills -- draft amendments to Article 2-1 of the Securities Transaction Tax Act submitted respectively by DPP legislator Wu Ping-jui and 20 others (21 in total) and KMT legislator Lee Yen-hsiu and 17 others (18 in total) -- with FSC Chairman Peng Jin-lung scheduled to attend (CNA #1270816). [F-001] The legislators propose extending the suspension of the securities transaction tax on corporate bonds, financial debentures and passive bond ETFs by another 10 years -- that is, pushing the end-2026 sunset out to end-2036 -- while adding active bond ETFs to the scope of the suspension (CNA #1270816). [F-001]
The history of this "tax-free runway," per the legislators' explanatory statement: to invigorate the bond market, help enterprises raise funds and promote capital-market development, the government suspended the securities transaction tax on corporate bonds and financial debentures from ROC year 99 (2010); later, to accommodate new types of investment products and market development, it further suspended the securities transaction tax on exchange-traded bond ETFs in ROC year 106 (2017); because the suspension is set to expire at the end of ROC year 115 (2026), the amendment would extend the suspension period by another 10 years to keep promoting market development (CNA #1270816). [F-002]
The FSC's data argument: net tax revenue rose by about NT$54.972 billion during the 2017-2024 suspension
The core argument of the FSC's written report is a set of numbers saying "no tax levied, yet more tax collected": during the suspension of the securities transaction tax on bond ETFs from ROC year 106 to 113 (2017 to 2024), overall net tax revenue increased by about NT$54.972 billion; the FSC said this shows the suspension benefits the development of Taiwan's bond ETF market and overall tax revenue growth (CNA #1270816). [F-003]
The framing must be pinned down: "overall net tax revenue increased by about NT$54.972 billion from 2017 to 2024" is the framing of the FSC's written report, and the estimation method and tax-item composition are not explained in the source; this card records the number and its attribution as is, and makes no extrapolated calculation.
The supporting market-growth data come from the same report: over the continued suspension from ROC year 106 to 114 (2017 to 2025), the combined outstanding issuance of corporate bonds and financial debentures grew from NT$2.7 trillion to NT$4.7 trillion, an average annual growth of 7.29%; the trading value of corporate bonds and financial debentures grew from NT$17.23 trillion to NT$19.73 trillion (CNA #1270816). [F-004] The FSC noted that corporate bonds and financial debentures are a key pillar supporting enterprises' long-term capital expenditure, and that the current suspension regime benefits capital-market resource allocation and long-term stable development -- it improves bond-market liquidity and fundraising efficiency and helps keep capital in Taiwan (CNA #1270816). [F-004]
As for passive bond ETFs, as of the end of last year (end-2025) there were 100 in total, with about NT$3 trillion in assets and about NT$2 trillion in annual trading value (CNA #1270816). [F-005] On why active funds should be added, the FSC's reason is regime consistency: active bond ETFs and passive bond ETFs are both exchange-traded fund products, both invest primarily in bonds and are similar in product characteristics, so to balance policy fairness and consistency, the FSC proposed including active bond ETFs in the scope of the securities transaction tax suspension (CNA #1270816). [F-005]
Pinning down the framing: the amendment targets active "bond" ETFs, not the funds foreign investors piled into
This card must separate two easily confused things: what this amendment would add to the suspension is active "bond" ETFs that invest primarily in bonds (the FSC's framing); the active ETFs on the July 1, 2026 foreign-buying list -- Uni-President Taiwan Stock Growth, Uni-President Upgrade 50 and others -- are not described in the reports as bond-type (CNA #1270816, CNA #1286006). The two belong to the same broad "active ETF" product category and are the institutional and market facets of the same wave, but they must not be directly equated; this card asserts no causation between the foreign buying and the amendment review -- they are merely a same-day juxtaposition in time, and the reports do not link them either.
Market side: two waves of foreign net buying of active ETFs
According to CNA, on 2026-07-01 -- the same day the Finance Committee scheduled its review of the draft amendments -- Taiwan's stock market closed up 893.08 points at 47,018.99, above the 47,000 mark, with turnover of about NT$1.3039 trillion; per Taiwan Stock Exchange statistics, the three major institutional investors were net buyers of a combined NT$52.935 billion, of which foreign and mainland Chinese investors (excluding foreign dealers) net bought NT$32.375 billion, ending the prior 6 straight sessions of net selling, while investment trusts and dealers net bought NT$14.621 billion and NT$5.938 billion respectively (CNA #1286006). [F-007] Of the top 3 stocks bought by foreign investors, 2 were active ETFs -- the Uni-President Taiwan Stock Growth active ETF at 139,081 lots and Uni-President Upgrade 50 at 137,352 lots (third was United Microelectronics Corporation (UMC) at 65,873 lots); with the Cathay Momentum High Dividend, Uni-President Global Innovation and Yuanta AI New Economy active ETFs ranking 7th to 9th, 5 of the day's top 10 foreign buys were active ETFs (CNA #1286006). [F-007]
This was not a single-day phenomenon. On 2026-06-18, foreign and mainland Chinese investors turned from sellers to buyers with net purchases of NT$21.131 billion, and 2 active ETFs each drew foreign net buying of over 100,000 lots -- Uni-President Upgrade 50 (00403A) at 196,400 lots and Uni-President Taiwan Stock Growth (00981A) at 115,900 lots; that day Taiwan's stock market rose 587.81 points to close at 46,465.2, a record closing high (CNA #1103241). [F-008]
Global and China: a record US$2.33 trillion and a regulatory statement
The active-ETF wave is not unique to Taiwan. According to CNA (synthesizing China Fund News and 21st Century Business Herald), Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), said at the 2026 Lujiazui Forum on 2026-06-17 that he supports promoting active ETFs on the Shanghai and Shenzhen exchanges to further enrich investment products and tools; the report noted that China's market has introduced index-enhanced strategy ETFs since 2021, but there is currently no fully active ETF product (CNA #1068670). [F-006] The same report cited ETFGI data: as of end-April 2026, global active ETF assets reached US$2.33 trillion, a record high; net inflows since the start of 2026 reached US$311.66 billion, a record for the period (CNA #1068670). [F-006]
Taiwan-Japan contrast: where is this card's Japan side (an honest note)
All four of this card's sources cover Taiwan's legislation, Taiwan stock-market flows and global/China developments; there is no new Japanese material, and this card does not force a Taiwan-Japan contrast. For the Taiwan-Japan contrast in retail capital migration, see this site's published ANK-2026-06-16-001, "The Great Retail Capital Migration": that card recorded Taiwan's active ETF assets surging past NT$902.2 billion within a year (Uni-President SITE at a 59% share) and the structural cracks in the third year of Japan's NISA "from savings to investment"; this card adds the "institutional facet" (the bond-ETF tax-free runway) and the "global facet" (the record US$2.33 trillion) of the same active-ETF wave.
Risk factors
- The amendment has not passed: the 2 bills were only scheduled to enter Finance Committee review on 2026-07-01 and have not gone through third reading; whether the suspension is extended to end-2036 and whether active bond ETFs are added both depend on the legislative process, and this card's sources do not include the review's outcome (CNA #1270816).
- "Net tax revenue increased by about NT$54.972 billion from 2017 to 2024" is the framing of the FSC's written report: the estimation method and tax-item composition are not explained in the source; this card records it as is without extrapolation (CNA #1270816).
- Framing distinction: the amendment's suspension target is active bond ETFs that invest primarily in bonds; the active ETFs on the foreign-buying list are not reported to be bond-type, and the two must not be directly equated (CNA #1270816, CNA #1286006).
- Single-day flows are volatile: the NT$32.375 billion net buy is single-day data, and before July 1 foreign investors had net sold for 6 straight sessions; single-day flows should not be extrapolated into a trend (CNA #1286006).
- ETFGI data are relayed: the US$2.33 trillion in global active ETF assets and US$311.66 billion in net inflows are CNA's synthesis of Chinese media citing ETFGI, which this card has not independently verified (CNA #1068670).
FAQ
Q: What does this amendment extend, and until when?
Lawmakers propose extending the suspension of the securities transaction tax on corporate bonds, financial debentures and passive bond ETFs by another 10 years -- pushing the end-2026 sunset out to end-2036 -- and adding active bond ETFs to the scope of the suspension.
The Finance Committee of the Legislative Yuan scheduled for 2026-07-01 a review of 2 bills -- draft amendments to Article 2-1 of the Securities Transaction Tax Act submitted respectively by DPP legislator Wu Ping-jui and 20 others (21 in total) and KMT legislator Lee Yen-hsiu and 17 others (18 in total) -- with FSC Chairman Peng Jin-lung scheduled to attend (CNA #1270816).
Q: Doesn't suspending the securities transaction tax mean the government collects less tax? Why does the FSC say net tax revenue actually increased?
Per the FSC's written report, during the suspension of the securities transaction tax on bond ETFs from ROC year 106 to 113 (2017 to 2024), overall net tax revenue increased by about NT$54.972 billion; the FSC said this shows the suspension benefits the development of Taiwan's bond ETF market and overall tax revenue growth. However, the estimation method and tax-item composition are not explained in the source.
The "net tax revenue increase" is the framing of the FSC's written report; this card records the number and its attribution as is and makes no extrapolated calculation (CNA #1270816).
Q: Why is it proposed that active bond ETFs be added to the suspension?
The FSC's reason is regime consistency: active bond ETFs and passive bond ETFs are both exchange-traded fund products, both invest primarily in bonds and are similar in product characteristics, so to balance policy fairness and consistency, the FSC proposed including them in the scope of the securities transaction tax suspension.
This is a proposal in the FSC's written report, pending the legislative process (CNA #1270816).
Q: Has the amendment passed? When would it take effect?
Not yet. The 2 bills were only scheduled to enter Legislative Yuan Finance Committee review on 2026-07-01 and have not gone through third reading; this card's sources do not include the review's outcome. The current suspension is set to expire at the end of ROC year 115 (2026).
Whether the suspension is extended to end-2036 and whether active bond ETFs are added will be determined by the subsequent legislative process (CNA #1270816).
Q: How much did Taiwan's bond market grow during the suspension?
Per FSC statistics, over the continued suspension from ROC year 106 to 114 (2017 to 2025), the combined outstanding issuance of corporate bonds and financial debentures grew from NT$2.7 trillion to NT$4.7 trillion (average annual growth of 7.29%), and trading value grew from NT$17.23 trillion to NT$19.73 trillion. Passive bond ETFs numbered 100 as of end-2025, with about NT$3 trillion in assets and about NT$2 trillion in annual trading value.
The FSC also noted that corporate bonds and financial debentures are a key pillar supporting enterprises' long-term capital expenditure, and that the suspension regime improves bond-market liquidity and fundraising efficiency and helps keep capital in Taiwan (CNA #1270816).
Q: Are the active ETFs foreign investors have been piling into the same thing as this amendment?
No. The amendment would add active "bond" ETFs to the suspension; the funds on the July 1, 2026 foreign-buying list -- Uni-President Taiwan Stock Growth, Uni-President Upgrade 50 and others -- are not described in the reports as bond-type, and the two must not be directly equated.
Both belong to the same broad "active ETF" product category -- the institutional and market facets of the same wave: on 2026-07-01, 5 of the top 10 foreign buys were active ETFs, and on June 18, 2 active ETFs each drew over 100,000 lots of net buying; but this card asserts no causation between the foreign buying and the amendment review (CNA #1286006, CNA #1103241, CNA #1270816).
Q: How far have active ETFs developed globally and in China?
Per ETFGI data relayed by CNA, global active ETF assets reached US$2.33 trillion as of end-April 2026, a record high, with net inflows of US$311.66 billion since the start of 2026, a record for the period; China's market currently has no fully active ETF product, and CSRC Chairman Wu Qing voiced support at the 2026 Lujiazui Forum on 2026-06-17 for promoting active ETFs on the Shanghai and Shenzhen exchanges.
The ETFGI data are CNA's synthesis of Chinese media citing ETFGI, which this card has not independently verified (CNA #1068670).
Q: What is the Japan contrast here?
This card's four sources contain no new Japanese material, and no Taiwan-Japan contrast is forced. For the Taiwan-Japan contrast in retail capital migration, see this site's published ANK-2026-06-16-001: that card recorded Taiwan's active ETF assets surging past NT$902.2 billion within a year (Uni-President SITE at a 59% share) and the structural cracks in the third year of Japan's NISA "from savings to investment."
This card adds the "institutional facet" (extending the bond-ETF tax-free runway by another decade) and the "global facet" (the record US$2.33 trillion) of the same active-ETF wave (CNA #1270816, CNA #1068670).
F-Units
F-001: The Finance Committee of the Legislative Yuan scheduled for 2026-07-01 a review of 2 bills -- draft amendments to Article 2-1 of the Securities Transaction Tax Act submitted respectively by DPP legislator Wu Ping-jui and 20 others (21 in total) and KMT legislator Lee Yen-hsiu and 17 others (18 in total) -- with FSC Chairman Peng Jin-lung scheduled to attend; the legislators propose extending the suspension of the securities transaction tax on corporate bonds, financial debentures and passive bond ETFs by another 10 years -- pushing the end-2026 sunset to end-2036 -- and adding active bond ETFs to the scope of the suspension - source: CNA #1270816 - source_url: https://www.cna.com.tw/news/afe/202606300332.aspx - confidence: high - basis: official_statement - period: reported 2026-06-30; committee review scheduled for 2026-07-01 - caveat: "July 1" is converted from the report date (June 30) plus "tomorrow" in the source; the draft amendments are at the review stage and have not passed third reading, and this card's sources do not include the review's outcome
F-002: History of the suspension: the government suspended the securities transaction tax on corporate bonds and financial debentures from ROC year 99 (2010), and further suspended the securities transaction tax on exchange-traded bond ETFs in ROC year 106 (2017); the current suspension is set to expire at the end of ROC year 115 (2026) - source: CNA #1270816 - source_url: https://www.cna.com.tw/news/afe/202606300332.aspx - confidence: high - basis: official_statement - period: from ROC year 99 (2010); reported 2026-06-30 - caveat: per the legislators' explanatory statement (relayed by CNA); ROC-to-Gregorian year conversion is editorial (the source itself pairs "expiring at the end of ROC year 115" with "the end-2026 sunset")
F-003: The FSC's written report: during the suspension of the securities transaction tax on bond ETFs from ROC year 106 to 113 (2017 to 2024), overall net tax revenue increased by about NT$54.972 billion; the FSC said this shows the suspension benefits the development of Taiwan's bond ETF market and overall tax revenue growth - source: CNA #1270816 - source_url: https://www.cna.com.tw/news/afe/202606300332.aspx - confidence: high - basis: official_statement - period: ROC year 106 to 113 (2017 to 2024); released 2026-06-30 - caveat: CNA relays the FSC's written report; the estimation method and tax-item composition of the "overall net tax revenue increase" are not explained in the source; ROC-to-Gregorian year conversion is editorial
F-004: FSC statistics for the continued suspension from ROC year 106 to 114 (2017 to 2025): the combined outstanding issuance of corporate bonds and financial debentures grew from NT$2.7 trillion to NT$4.7 trillion, an average annual growth of 7.29%; trading value grew from NT$17.23 trillion to NT$19.73 trillion; the FSC said corporate bonds and financial debentures are a key pillar supporting enterprises' long-term capital expenditure, and the suspension regime improves bond-market liquidity and fundraising efficiency and helps keep capital in Taiwan - source: CNA #1270816 - source_url: https://www.cna.com.tw/news/afe/202606300332.aspx - confidence: high - basis: official_statement - period: ROC year 106 to 114 (2017 to 2025); released 2026-06-30 - caveat: CNA relays the FSC's written report; the "average annual growth of 7.29%" refers to outstanding issuance; the policy effects (liquidity, keeping capital in Taiwan) are the FSC's framing
F-005: Passive bond ETFs numbered 100 in total as of the end of last year (end-2025), with about NT$3 trillion in assets and about NT$2 trillion in annual trading value; on the grounds that active bond ETFs and passive bond ETFs are both exchange-traded fund products, both invest primarily in bonds and are similar in product characteristics, the FSC proposed -- to balance policy fairness and consistency -- including active bond ETFs in the scope of the securities transaction tax suspension - source: CNA #1270816 - source_url: https://www.cna.com.tw/news/afe/202606300332.aspx - confidence: high - basis: official_statement - period: as of end-2025; released 2026-06-30 - caveat: "end of last year" is the report's (2026) framing, i.e., end-2025 (editorial conversion); "about NT$3 trillion" and "about NT$2 trillion" are approximate figures; adding active funds is an FSC proposal pending legislation
F-006: CSRC Chairman Wu Qing said at the 2026 Lujiazui Forum on 2026-06-17 that he supports promoting active ETFs on the Shanghai and Shenzhen exchanges; the report noted China's market has introduced index-enhanced strategy ETFs since 2021 but currently has no fully active ETF product; the report cited ETFGI data: as of end-April 2026, global active ETF assets reached US$2.33 trillion, a record high, and net inflows since the start of 2026 reached US$311.66 billion, a record for the period - source: CNA #1068670 - source_url: https://www.cna.com.tw/news/acn/202606170365.aspx - confidence: medium - basis: news_aggregation - period: 2026-06-17 (Lujiazui Forum); ETFGI data as of end-April 2026 - caveat: CNA synthesizes China Fund News and 21st Century Business Herald; the ETFGI data are relayed by the reports and not independently verified by this card; "support for promoting" is a regulatory statement, not a listed product
F-007: On 2026-07-01, foreign and mainland Chinese investors (excluding foreign dealers) net bought NT$32.375 billion, ending the prior 6 straight sessions of net selling; the three major institutional investors net bought a combined NT$52.935 billion (investment trusts NT$14.621 billion, dealers NT$5.938 billion); 5 of the top 10 foreign buys were active ETFs, with the top 2 being the Uni-President Taiwan Stock Growth active ETF at 139,081 lots and Uni-President Upgrade 50 at 137,352 lots (third was United Microelectronics Corporation (UMC) at 65,873 lots); Taiwan's stock market closed at 47,018.99 (up 893.08 points) with turnover of about NT$1.3039 trillion - source: CNA #1286006 - source_url: https://www.cna.com.tw/news/afe/202607010260.aspx - confidence: high - basis: official_statement - period: 2026-07-01 (single trading day) - caveat: CNA relays Taiwan Stock Exchange statistics; "5 of the top 10 being active ETFs" is CNA's tally; the reports do not describe these active ETFs as bond-type; English fund names are descriptive translations; single-day flows should not be extrapolated into a trend
F-008: On 2026-06-18, foreign and mainland Chinese investors turned from sellers to buyers with net purchases of NT$21.131 billion; 2 active ETFs each drew foreign net buying of over 100,000 lots -- Uni-President Upgrade 50 (00403A) at 196,400 lots and Uni-President Taiwan Stock Growth (00981A) at 115,900 lots; that day Taiwan's stock market rose 587.81 points to close at 46,465.2, a record closing high - source: CNA #1103241 - source_url: https://www.cna.com.tw/news/afe/202606180361.aspx - confidence: high - basis: official_statement - period: 2026-06-18 (single trading day) - caveat: CNA relays post-market flow statistics; single-day flows should not be extrapolated into a trend; the reports do not describe these 2 active ETFs as bond-type; English fund names are descriptive translations
J-Units
J-001: The policy logic of "growing the market by suspending the tax" -- the FSC used "overall net tax revenue increased by about NT$54.972 billion during the suspension" and market-growth data (combined corporate bond and financial debenture outstanding issuance growing from NT$2.7 trillion to NT$4.7 trillion; passive bond ETF assets of about NT$3 trillion) as the argument for another 10-year extension and for adding active bond ETFs; however, the estimation method behind the "net tax revenue increase" is not explained in the source, and the amendment is still under review, not yet passed - confidence: medium - basis: official_statement
J-002: Active ETFs became a cross-market focal point in 2026 -- on the legislative side Taiwan moves to put active bond ETFs on the tax-free runway, on the market side 5 of the top 10 foreign buys were active ETFs, global assets hit a record US$2.33 trillion, and China's regulator voiced support for promotion on the Shanghai and Shenzhen exchanges; but the amendment's target (active bond ETFs) and the active ETFs foreign investors bought (not reported to be bond-type) must not be conflated, and this card presents them side by side without linking causation - confidence: medium - basis: news_aggregation
J-003: Timeline tension -- the current suspension sunsets at end-2026, while the draft amendments were only scheduled to enter Finance Committee review on 2026-07-01; whether the amendment passes before the sunset and whether active bond ETFs are added as the FSC proposes are the points to watch; this card does not predict the review's outcome - confidence: medium - basis: official_statement
P-Units
P-001: The review and third-reading progress of the draft amendments to Article 2-1 of the Securities Transaction Tax Act -- whether the suspension is extended from end-2026 to end-2036 as proposed and whether active bond ETFs are added; this card's sources do not include the outcome of the Finance Committee's 2026-07-01 review ### P-002: If active bond ETFs are added to the suspension, their subsequent number and scale -- passive bond ETFs accumulated to 100 funds and about NT$3 trillion under the suspension regime, and whether active bond ETFs can replicate that trajectory is the test point ### P-003: The persistence of global active ETF net inflows (US$311.66 billion since the start of 2026) and the actual launch timing of active ETF products on China's Shanghai and Shenzhen exchanges
同事件・三視角 / Three Perspectives on the Same Event / 同一イベント・三つの視点
Internal Citation Chain
Published ANK-Docs cited by this article: - ANK-2026-06-16-001 (The Great Retail Capital Migration: Taiwan's Active ETFs Surge to NT$902.2 Billion (Uni-President SITE 59% Share) vs Structural Cracks in Japan's Third Year of NISA "From Savings to Investment") -> that card recorded the "retail facet and Taiwan-Japan contrast" of the same active-ETF wave (Taiwan's active ETF assets surging past NT$902.2 billion within a year; the household cracks in the third year of Japan's NISA); this card adds the "institutional facet" (another 10-year extension of the bond-ETF securities transaction tax suspension, with active bond ETFs proposed for inclusion) and the "global facet" (ETFGI: a record US$2.33 trillion; the CSRC's statement). This card's sources contain no new Japanese material, and the Taiwan-Japan contrast is anchored to that card rather than forced.
Sources
1. [CNA #1270816] CNA, "FSC backs extending the bond-ETF securities transaction tax exemption by another decade, adding active ETFs", 2026-06-30. https://www.cna.com.tw/news/afe/202606300332.aspx 2. [CNA #1286006] CNA, "Foreign investors net buy NT$32.3 billion, ending 6 straight sessions of selling, piling into active ETFs", 2026-07-01. https://www.cna.com.tw/news/afe/202607010260.aspx 3. [CNA #1103241] CNA, "Foreign investors turn net buyers of NT$21.1 billion, buying traditional-industry leaders and active ETFs", 2026-06-18. https://www.cna.com.tw/news/afe/202606180361.aspx 4. [CNA #1068670] CNA, "CSRC backs active ETFs; Shanghai and Shenzhen exchanges to promote them", 2026-06-17. https://www.cna.com.tw/news/acn/202606170365.aspx 5. [ANK-2026-06-16-001] Rin Takenouchi, "The Great Retail Capital Migration: Taiwan's Active ETFs Surge to NT$902.2 Billion (Uni-President SITE 59% Share) vs Structural Cracks in Japan's Third Year of NISA \"From Savings to Investment\"", 2026-06-16. https://ainews.washinmura.jp/ainews/en/ank/ANK-2026-06-16-001