The MOF is drafting a bill that could see the implementation of a luxury tax aimed at narrowing the gap between the haves and have nots and curbing real estate speculation.
Among the items proposed are: [quote]…a 10% tax on purchases of luxury items such as cars, yachts, and private jets valued at more than NT$3 million (about US$101,600); fur and leather products and designer furniture valued at NT$500,000 (about US$16,860) or more; and business and golf club memberships worth more than NT$500,000.[/quote]
It would also impose [quote]…a tax of 15% on the actual sales price of real estate (including land and non-self-use housing units) sold within less than one year of purchase and a tax of 10% on properties held for at least two years.[/quote]
I can see the value in doing this, since it is pretty obvious that the real estate market is more than a little awash with speculation but, damn, that would certainly make me reconsider ever buying a second house here…Suppose the way around it for a lot of locals would be to put the house in a dependent’s name. Something like, “Sure, he’s just a toddler, but 265 pings on Zhongxiao E. Rd Section 4 is just what he needs!”
More about it here: loc.gov/lawweb/servlet/lloc_ … _2554_text