The proposed measures to raise housing and land value taxes will affect only a small fraction of homeowners, the Ministry of Finance (MOF) said yesterday, reiterating that the measures were aimed at achieving taxation equity.
The ministry proposed changing the flat 1.2 percent housing tax rate on residential units to a range of 1.1 percent to 1.8 percent, depending on the current value of the property, and raising the land value progressive tax rate by between 0.2 percentage points and 1 percentage point.
“Only 3.44 percent of homeowners will be affected [by the upward adjustment], while up to 38.58 percent of the public will benefit from the reduced housing tax rate,” the MOF said in a statement.
It said the proposed amendments were made in accordance with a resolution reached by the Tax Reform Community, which disbanded at the end of last year.
“The proposed amendment to increase the land value progressive rate will only affect large and high-priced landowners, which account for only 2.78 percent of total taxpayers in the nation,” it said.
The MOF’s amendment of the tax rates came after the Taipei City Government decided last month to raise the property tax rate on luxury residences, starting in July next year, in an effort to curb local real estate price hikes.
“At present, high-priced and regular homes are taxed at the same housing rate. Different tax rates should apply depending on the current value of houses,” the ministry said, adding that the reason for introducing a graduated housing tax rate was to achieve fair housing taxation.
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