Date: Jun 06, 2015
By: Crystal Hsu / Staff reporter
After the legislature yesterday passed amendments to the Income Tax Act (所得稅法) to combine separate taxes on house and land sales, Minister of Finance Chang Sheng-ford (張盛和) said the new property tax should make the taxation system more reasonable and boost property sales now that policy uncertainty over the issue has dissipated.
Taiwan is the only nation in the world with separate land and house levies on property transactions, and under the previous system the government could not collect a sufficient amount of tax revenue from property transactions, Chang said.
The integrated house and land sales tax is set to take effect in January next year, Chang said, adding that the amendment would bring Taiwan into line with the rest of the world on the issue. [FULL STORY]