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Taiwan considers property sales tax

04-07-2011 08:57 BJT

Taiwan legislative authorities have begun to consider a bill aimed at curbing speculative real estate deals. The island's leader, Ma Ying-jeou, is lobbying for the law, saying a proposed tax would safeguard people's "residential justice."

Ma Ying-jeou, accompanied by senior officials, held a news conference to promote the bill's speedy passage.

Ma Ying-Jeou, Taiwan leader said "Speculators get benefits while real home-buyers are frustrated. This is causing the most discontent in Taiwan."

The draft bill would impose a 15 percent sales tax on people who sell a property they do not live in within a year of buying it, and a 10 percent tax on those who sell such a property within two years of buying it.

The residential housing market has been cooled by the policy as potential home buyers stay on the sidelines ahead of the possible introduction of the tax.

One estate agent in Taiwan said "Trading volume fell 30 percent this month."

However consideration of the bill is expected to be a marathon debate.

Some legislators from the southern part of Taiwan argue that properties there should be exempt from the tax because housing prices there have not risen as much as in the north.

Estate agents also warn they will face job losses as the proposed tax takes its toll on the market, but some think the levy will benefit consumers in the long run.

Editor:Xiong Qu |Source: CNTV.CN

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