The Property Rental Market Development and Regulation Act (租賃住宅市場發展及管理條例), which is to give tax deductions to landlords who entrust their properties to a management facility, was passed by the Legislative Yuan yesterday.
The rule was proposed by the Ministry of the Interior to encourage landlords to use professional management firms so they would be encouraged to lease properties to meet a growing demand for rentals.
Under the act, landlords who hire firms to manage their rental properties will be exempt from paying income taxes on the rent they collect if the monthly rent is under NT$6,000, and will be given a 47 percent tax deduction if the monthly rent is between NT$6,000 and NT$20,000.
Properties that command monthly rents of more than NT$20,000 will not qualify for tax deductions, the act states.
Local governments should formulate bylaws to grant landowners who meet those conditions tax deductions for up to five years, and the Executive Yuan could extend the tax deductions offer by another five years, the act states.
The act also includes provisions to provide landlords and tenants with more protection after a rental agreement is signed.
Landlords are to be prohibited from charging tenants surety bonds more than the sum of two months’ rent and those who run misleading or deceptive advertisements for their properties could be fined between NT$10,000 and NT$50,000.
Tenants may end their rental agreements if their landlord fails to fix problems with the rental properties, the act states.
Property owners may terminate a lease if a tenant is late with the rent for up to two months, subleases the property to a third party without obtaining the landlord’s consent or refuses to pay for damages they cause, the act states.
The ministry is to help landlords and landowners in establishing non-profit organizations to resolve disputes, offer legal advice and translation services, and answer queries about insurance packages, the act stipulates.
Lawmakers also passed an amendment to the Act Governing Relations with Hong Kong and Macau (香港澳門關係條例) aimed at reducing the tax burden on Taiwanese sea and air carriers operating in the two territories.
The legislation came on the heels of the passage of an agreement this month that prevents repeated levying of business and income taxes for Taiwanese sea and air carriers operating between Taiwan and Macau.
Mainland Affairs Council Minister Katharine Chang (張小月) during preliminary reviews said that the amendment would provide the nation with a legal basis when negotiating mutually beneficial tax rates with Hong Kong and Macau, which is expected to boost the competitiveness of Taiwanese sea and air carriers, and attract foreign investment.
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