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Taiwan’s new Land Act to boost heritage preservation
Taiwan’s recent amendment to The Land Act enables public enterprises to acquire heritage land to improve preservation efforts and resolve ownership issues.2024/07/15 23:00 -
KMT candidate’s wife clarifies building ownership
Jen Mei-ling, wife of Kuomintang’s (KMT) presidential candidate Hou Yu-ih, clarified that a building being claimed as their own is actually a legacy from her father and not part of Hou’s property. The building has become a topic of discussion in the upcoming 2024 elections due to its high rent and proximity to Chinese Culture University. Jen stated that the property has over 50 vacant houses, which will be used to provide rent subsidies for low-to-moderate-income families and young students through donations. After the leases expire in June 2026, the plan is to convert the property into social housing for the youth and communal accommodations for rent. Initially, the building was leased and managed by Shin-Kong Life Real Estate Service Co., Ltd., with rental prices determined by Shin Kong Life Insurance. Jen announced that the vacant apartments will be subsidized for young families with an annual income of less than NT$1.33 million and a per capita monthly income below NT$56,000. Existing tenants can also apply for the subsidy, with rates of NT$6,400 for single rooms and NT$7,000 for two-person rooms per month. In her public letter, Jen addressed the accusations, highlighting Hou’s integrity during the election process and apologizing for the family issue.2023/12/27 15:10 -
Lai Ching-te’s property ownership deemed legitimate
Taiwan’s Ministry of Finance clarifies that the property at Lai Ching-te’s permanent residence was not illegally transferred from public to private ownership. The Finance National Property Administration states that land registry data show the property has always been privately owned and has no record of being expropriated from state ownership. Accusations of profiteering corruption against Lai by former legislator Chiu Yi and media personality Mao Chia-ching are refuted by the FNP, which reiterates that the land has been privately owned since 1940 with no records of state ownership or transfer.2023/12/26 22:18 -
Taiwan’s Legislative Yuan amends new property tax law
Taiwan’s Legislative Yuan has passed a law amendment known as "Housing Tax 2.0," which will raise the residential property tax. The new tax will take effect on July 1, 2024, with taxation beginning in 2025. The Ministry of Finance estimates that around 4.45 million households will be affected by the revised tax, with approximately 3.1 million households benefiting from a preferential tax rate for single residency. This could potentially generate an 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. The amendment also requires that "self-use" residences meet household registration requirements in addition to the existing provisions regarding rental and occupancy by the owner, spouse, or direct relatives. The tax reform will have a significant impact on 10 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. All subsidiary regulations are scheduled to be amended by July 1, 2024.2023/12/20 18:10 -
Hou Yu-ih announces new housing policy for young buyers
Kuomintang (KMT) presidential candidate Hou Yu-ih has unveiled a new housing policy aimed at helping young people in Taiwan purchase their first homes. The initiative is targeted at individuals under 40 years old who have never owned property and face income restrictions. Under the plan, qualified buyers can receive a loan of up to NT$15 million with no down payment required. They will also enjoy a 0.5% subsidy on their mortgage interest rates, with public banks cutting the rates in half after five years. The policy will last for five years and includes restrictions on reselling the purchased properties for a maximum of ten years to address housing market speculation concerns. Hou criticized the current New Residential Loans Policy for its lack of age and income restrictions, allowing affluent individuals to benefit and non-first-time buyers to take advantage of policy perks. The plan aims to ensure fairness and accessibility for those in genuine need of support in purchasing their first homes.2023/12/08 17:48