Lee Ching-hua, the chief secretary at the Ministry of Finance, has disclosed that the Taiwanese government is contemplating levying a special property tax, to counteract the risk of a real estate price bubble in the country’s cities.
It is felt that Taiwan's’s real-estate market runs the risk of overheating, largely due to short-term investors engaging in speculative purchases, and that previous credit measures have not led to any reduction in price pressures.
The property tax would be charged against real estate sold within one year after its purchase, but would not apply to people’s first residences. No other details were available, but it was reported that the rate of such a property tax could reach 30%. Lee subsequently gave an assurance that the tax rate had not yet been decided upon.
The government is also looking to change land valuation rules, so that official property values are altered more regularly, and that the existing land value increment tax would more accurately reflect up-to-date property prices.
A comprehensive report in our Intelligence Report series dealing with the issues raised by international property investment, and the possible taxation implications raised by such purchases, with an account of the likely (and some less obvious) potential countries for your consideration, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report15.aspTags: tax | investment | real-estate | real-estate investment | Taiwan | property tax | Taiwan
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