Taiwan approves property gains tax

Taipei

TAIWAN's lawmakers approved a property gains tax of as much as 45 per cent to rein in speculative transactions in the real estate market.

Domestic individual sellers will have to pay from 15 per cent to 45 per cent. The tax will be calculated based on market prices instead of government-assessed value currently. Qualified home sellers with gains of less than NT$4 million (S$176,000) will be exempted from the duty. The rules will apply to property bought after Jan 1, 2016.