Real estate tax bill passed
Courtesy of ICRT
Taiwan’s lawmakers have passed amendments meant to curb real estate speculation. The Legislative Yuan has passed the third and final reading of the Integrated Real Estate Tax Bill, affecting real estate purchases made after 2016.
Properties sold within two years of purchase will be taxed at 45%, while those sold between two years and five years will be taxed at 35%.
Those who are forced to let go of property involuntarily before two years will get the current rate of 20%.
These rules now apply to both individuals and business entities.
The new tax rate will go into effect beginning from 1 July this year.