Legislators ratify property tax billsWARNING: Firms shifting production bases home have been more responsible for price rises, a developer said, adding that the bills would ‘play havoc’ with the marketBy Crystal Hsu / Staff reporterThe legislature’s Finance Committee yesterday approved bills that would raise property taxes, making it more difficult to make a profit from short-term property transactions, including transfers of presale projects and shares. The bills would subject houses sold within two years of purchase to combined property taxes of 45 percent, while the taxes would be 35 percent on houses sold within five years of purchase. The bills need to clear the legislature, with lawmakers divided on when the new tax rates should be implemented pending further cross-party negotiations. The punitive tax rates of 35 and 45 percent also apply to foreign individuals and corporations, as well as share transfers among unlisted firms. Companies shifting their production bases home from overseas have been more responsible for property price rises, Lai said.

Source: Taipei Times March 29, 2021 15:56 UTC