PERMANENT REDUCTION IN LAND INCREMENT TAX PASSED BY LEGISLATIVE YUAN
Taiwan’s Legislative Yuan on 21 January 2005 passed revisions to the Land Tax Law and Equalization of Land Rights Act. According to these revisions, the land increment tax will be permanently reduced from the original rates of 40%, 50%, and 60% to lower corresponding rates of 20%, 30%, or 40%. The difference in the rates will be determined by variables. It is hoped that these reductions will alleviate the tax burden on long-term landowners in Taiwan, and facilitate a revitalization of Taiwan’s real estate market.
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