The Ministry of Finance (MOF) will call a meeting of local government heads today to discuss possible adjustments in housing and land value taxes, which are expected to bring in an additional NT$16 billion (US$504.8 million) to state coffers annually.
The ministry has proposed changing the flat 1.2 percent housing tax rate on residential units to a range of between 1.1 percent and 1.8 percent, depending on the current value of the property, and raising the land value progressive tax rate.
Under the proposed graduated rate scheme, “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 a reduced housing tax rate,” the ministry said in a statement.
This amendment of housing taxes, the ministry said, is expected to raise property taxes on luxury houses and lower the levy on average-priced properties in the hope of achieving tax neutrality.
The minimum tax rate for business properties is also expected to increase from 3 percent to 4 percent, while tax on properties with neither a residential nor business use, such as private hospitals, will be raised to 2 percent, up from 1.5 percent, the ministry said.
In terms of the land value levy, the ministry said it was planning to raise the tax rate by between 0.2 percentage points and 1 percentage point, to a range of 17 percent and 65 percent.
“The proposed increase on the land value progressive rate will only affect owners of large and high-priced land, which accounts for just 2.78 percent of total taxpayers nationwide,” the statement said.
The proposed amendments will be referred to the Cabinet at the end of this month and submitted to the legislature for review.
Local media have reported that the new rates on housing and land value taxes are expected to take effect as early as next year.
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