Taiwan will introduce a new tax on real estate





13.12.2010 12:22
Taiwan authorities intend to introduce new property tax to limit the rise in prices for houses and apartments. As reported by AFP, the tax rate will be set at 10 percent of the cost of housing.

The new fee will be paid only to non-residents and only from the estate where they lived for less than one year from date of purchase.

As noted by portal AsiaOne, it is possible that the special taxes will be imposed on land transactions.

It is assumed that the new law will come into force in March 2011. The bill still must be approved by local parliament.

AFP notes that real estate prices in Taiwan are actively recovering from the crisis. Meanwhile, the gap between rich and poor continues to increase: 20 percent of the richest Taiwanese earned in 2009, 6.34 times more than 20 percent of the poorest. This figure is a record since 2001.
www.zagorodna.com
Content tags: Overseas property
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