Preferential tax rates for owner-occupied homes would benefit 16,000 foreign residents when revisions to the House Tax Act (房屋稅條例) take effect in May next year, the Ministry of Finance said yesterday.
In an effort to ease rampant housing speculation, the government updated Article 5 of the act to create different tax rates for owner-occupied houses, houses leased for public welfare purposes and other residential-only purposes.
Foreigners, stateless persons, individuals originating from China, residents from Hong Kong or Macau, their spouses, or direct relatives who have obtained an Alien Resident Certificate (ARC) and enjoy the rights to use the land and building at the address linked to their ARC would be considered to have their residences registered to that building, insofar as the land and house tax rates are concerned, the ministry said.
Photo: Cheng Chi-fang, Taipei Times
They would be taxed at the standard 1.2 percent housing tax rate for self-used residences, provided that the land and building comply with Article 5 of the House Tax Act and Article 2 of the Standards for the Recognition of Owner-occupied Houses and of the Status of an Individual to Rent Premises for Public-Welfare Purposes (住家用房屋供自住及公益出租人出租使用認定標準) and is not rented or used for businesses, the ministry said.
If only one family resides at the residence and it is valued under a certain sum, the house would be eligible for the preferential self-use housing tax rate of 1 percent, it said.
Provided that the plot of land observes Articles 9 and 17 of the Land Tax Act (土地稅法) and Article 4 of the Enforcement Rules of the Land Tax Act (土地稅法施行細則) — that the plot of land does not exceed 3 hectares within a city or 7 hectares outside of a city, and that the occupants, their spouses and minor dependents only have one residence in their name — they would be eligible for the 2 percent tax rate for self-use residential land, it said.
Residents and land owners who fit the criteria should submit applications to the local tax office where the property is registered 40 days before the tax is implemented, which is March 22 next year for housing taxes and Sept. 22 next year for land taxes, the ministry said.
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