Taiwan says may tighten tax rule on property trading
TAIPEI (REUTERS) - Taiwan does not rule out the possibility of tightening a tax rule on trading properties and luxury goods, as it aims to narrow the gap between the rich and the poor.
Speculation has helped drive up property prices on the island, especially in the capital Taipei and some other northern cities, and worsened affordability at a time when growth is slowing.
Taiwan's Finance Minister Chang Sheng-ford told reporters over the weekend that studies show the tax has received positive feedback as it has helped curb property turnover and narrowed the gap between rich and poor.
The government introduced the so-called luxury tax almost two years ago. Properties that are sold in less than two years after being bought are taxed.