The i18n module provides the Taxonomy Translation feature. After you have enabled it, edit the vocabulary which you want to localize and set the Multilingual options to Per language terms.
Previously i have a language neutral term called Dragon Ball. I set it to English and also create the corresponding Traditional Chinese term called 龍珠.
Next, go to the Translation tab and create a new translation by mapping the same terms in different language.
Enable the Multilingual options of the Story node type and add Taxonomy terms in Synchronize translations>.
Test it by creating a Story node and its translated node.