Reported 7 months ago
On June 12, 2024, at 12:53 pm, in Hsinchu, the revised 'Property Tax Law' was announced by the central government on January 3 this year, launching the implementation of the second version of property hoarding tax from July 1. Hsinchu City, which implemented version 1.0 in July 111, is now aligning with the Ministry of Finance to implement version 2.0, which shifts from local to nationwide taxation, based on the number of households nationwide, to encourage effective use of housing and rationalize property tax burdens. The Tax Bureau of Hsinchu City has planned draft regulations, which were approved at the Municipal Affairs Conference and will be reviewed in the city council's special session in July. The new law will reduce the single residence tax rate from 1.2% to 1% nationally, benefiting 70,000 households in Hsinchu with an average tax reduction of NT$828 per household, resulting in a tax revenue reduction of NT$57 million. The new law also applies higher tax rates to owners with multiple unused properties to encourage property release, aligning with the spirit of vacant property tax and promoting fairness and justice.
Source: YAHOO