CCTV.com - CNTV English - CCTV News

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

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program