Further to the proposal announced by the Ministry of Finance ("MOF") on April 12, 2012, the Executive Yuan passed draft amendments to the Income Tax Act ("ITA") and Income Basic Tax Act (i.e. Alternative Minimum Tax Act or "AMT Act") on April 26, 2012 to impose income tax on capital gains derived from a disposal of Taiwanese securities and futures, which are currently exempt under the regular income tax system. Further details to be reported subsequently.