It seems that the mainland is not the only Chinese place grappling with taxing real estate as Taiwan’s mushrooming housing market is forcing authorities there to look for measures to cool down housing prices.
According to a report in the China Post,
Local media reported that the Ministry of Finance (MOF) will soon begin a gradual shift to levying real estate taxes based on real property transaction prices, to which Shining Group (鄉林) Chairman Lai Cheng-i (賴正鎰) responded that such a policy would hurt growth momentum in the nation’s housing market.
Taiwan’s challenge is to base the tax on the actual amount transacted, rather than on assessed values.
Let’s hope that officials in Taiwan have better luck at implementing this new measure than the mainland has had with taxing real estate assets.
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