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Taiwan’s Legislative Yuan amends new property tax law

Reporter TVBS News Staff
Release time:2023/12/20 18:10
Last update time:2023/12/20 18:10
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Taiwan’s Legislative Yuan amends new property tax law (TVBS News) Taiwan’s Legislative Yuan amends new property tax law
Taiwan

TAIPEI (TVBS News) — Taiwan's Legislative Yuan has passed an amendment to raise the residential property tax, known as "House Hoarding Tax 2.0," on Tuesday (Dec. 19). The new law will take effect on July 1, 2024, with taxation commencing in 2025.

According to the Ministry of Finance (MOF), the revised tax will affect around 4.45 million households. About 3.1 million households will benefit from a preferential tax rate for single residency, potentially generating additional revenue of NT$2.27 billion to NT$3.27 billion.

 

Under the new system, residential properties will be categorized as "self-use" or "non-self-use," with a national limit of up to three properties classified as "self-use."

The house tax will continue to be collected annually from May 1 to May 31, based on ownership from the prior year's July 1 to the current year's June 30.

In addition to existing provisions that require houses not to be rented out and occupied by the owner, the spouse, or direct relatives, the amendment further stipulates that "self-use" residences must meet household registration requirements.
 

The tax reform will have a significant impact on ten municipalities that have not yet implemented the housing hoarding tax.

To support the legislative changes, four supplementary regulations will be introduced, including differential tax rate modules, calculation formulas, principles for determining the number of household property holdings, and revisions to the organization of the Real Estate Evaluation Committees (不動產評價委員會組織規程).

All subsidiary regulations are scheduled to be amended by July 1, 2024.

Taiwan Business

#residential property tax# Housing Tax 2.0# tax reform# preferential tax rate# house tax# real estate evaluation# legislative changes# raise residential property tax# benefit from preferential tax rate# self-use residences for household registration

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