Real-estate taxes clear Legislative YuanREACHING BACK: The changes, aimed at preventing individuals from creating entities to avoid capital gains taxes, would apply retroactively to transactions dating to 2016Staff writer, with CNAThe Legislative Yuan yesterday approved amendments to the Income Tax Act (所得稅法) that are on July 1 to place a 45 percent capital gains tax on individuals and businesses selling real estate within two years of purchase. The bill, intended to curb real-estate speculation, was passed after legislators in interparty negotiations on Wednesday resolved areas of disagreement, including setting July 1 for the changes to take effect. Legislative Speaker You Si-kun bangs his gavel in the legislature in Taipei yesterday after the legislature approved amendments to the Income Tax Act. Businesses pay an across-the-board rate of 20 percent on such gains under corporate income tax rules. The tax on individuals for gains on properties sold five to 10 years after purchase would be 20 percent, and 15 percent thereafter.

Source: Taipei Times April 09, 2021 15:56 UTC