The Ministry of Finance has yet to formulate a plan for raising the real estate tax, Minister of Finance Chang Sheng-ford (張盛和) said yesterday, adding that his focus for now is to promote the fiscal reform package unveiled earlier this week.
Chang made the remark in response to media reports saying changes to the property tax would be reviewed next year at the earliest.
The ministry announced earlier this week details of its proposed fiscal reform package, which includes raising the business tax for banking and insurance institutions and increasing high-income group’s consolidated income tax.
Chang said that reforming the property tax could be the next step in the finance ministry’s bid to pursue long-term fiscal soundness.
However, the ministry has not yet thought out the details of a property tax reform, he added.
“For now, I only care about the fiscal reform package,” Chang told a media briefing after attending a broadcast yesterday morning.
Fiscal reform has to be taken step by step, he said, adding that the package would have a limited impact on society and should be launched first, as the global economic recovery this year would lend support to its implementation.
“If the legislature does not pass the package, we cannot work out the tax changes,” Chang added.
He urged the legislature to pass the proposed amendments before the end of the current legislative session to improve the nation’s deteriorating finances.