Foreigners may have to pay 30 percent tax on their future Taiwan property purchases as the country’s Ministry of Finance acts to prevent speculation in the market.
Taiwanese nationals will be subject to a 17 percent tax under a draft bill that will be introduced by Finance minister Chang Sheng-Ford after the Lunar New Year with the expectation of it being approved and implemented in 2016.
Premier Mao Chi-Kuo is reported to have approved the proposals but has called for greater flexibility, particularly regarding a clause that proposed the new tax rates would only apply to property acquired before June 1, 2011.
Local media reports suggest that proposals are being discussed that will exempt foreign owner-occupiers from the new regulations, as well as overseas buyers who hold their Taiwanese property long-term.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
