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Housing prices in Taiwan are overheating and young people cannot afford to buy a house. They have been criticized from all walks of life. In order to declare the government’s determination to engage in real estate speculation, the Executive Yuan will today (10th) approve the amendments to the “Three Land Administration Laws” related to Real Price Registration 2.0. In the future, the information from the actual price registry cases will be changed from the current 30 households as a unit to the household registry. , Future registration information is based on the house number or lot number; In addition, the presale house must be registered immediately within 30 days after the signing of the purchase agreement. If the record is not true, a fine of 30,000 to 150,000 will be imposed. No correction has been made for the first time and the maximum fine is 750,000 yuan.
The Executive Yuan approved the “Proposal to improve the housing market” from last week’s meeting. Dean Su Zhenchang personally proposed five main aspects and the National Development Council offered 14 management measures to declare his determination to sell homes. The main five aspects include strong inspection of red order transactions, net price registration 2.0, elimination of tax evasion, differentiation, prudential extension of credit, extensive construction of social housing, expansion of management of leases, etc .; 14 management measures include the establishment of diagnostic indicators for the real estate market and strengthening the anticipation Home sales inspections, speed up the review of the real price record, strengthen the inspection of real estate transaction income, prevent the people use the company to avoid real estate tax charges, etc.
The Executive Yuan has further approved the amendments to the “Net 2.0” Land Administration Law and the draft amendments to the “Basic Income Tax Regulation”, in the hope that the housing market and the prices of housing are more rational.
Ministry of the Interior: House number reveals that house prices do not affect people’s privacy
President Su Zhenchang told the court meeting that this amendment will improve the real estate transaction information reporting and recording system under the premise of protecting people’s privacy by “disclosing complete house or land numbers”. ” pre-sale houses are fully managed and declared immediately “,” Increase the authority of the competent authority “and” repeated corrections and exacerbate penalties “to provide more transparent, real-time and accurate real estate transaction information, improve information asymmetry and help avoid improper property prices and consumer disputes. The real estate transaction market, to implement housing justice, is a very important part.
In response to the draft amendments to the “Regulation on Equal Land Ownership” in the Three Laws of Lands, the Ministry of the Interior stated that the consignment agency presents current information on pre-sale housing transactions within 30 days following the expiration or termination of the consignment contract. In order to promote complete and real-time information on presale houses, this amendment will advance the declaration period to 30 days after the signing of the presale house purchase agreement. The statement is required on a case-by-case basis. Information on housing transactions is more transparent and the time for disclosure of information is shortened.
The Home Office explained that since the current house number (site number) is displayed in the interval 30, the outside world thinks that it is not transparent enough. Considering that house number, site number, and price are real estate marking data, it has nothing to do with personal privacy. Therefore, the amendment of this law compares the real estate transactions in the United Kingdom and the United States Countries with high transparency in the information will show the full house number or the land number of the transaction cases to promote an information of more complete and transparent transactions, avoid errors of judgment by the parties to the transaction and promote fairer and more efficient real estate transactions. Regarding personal data in registered cases, they will still be protected in accordance with the law and will never be leaked abroad.
The Ministry of the Interior indicated that in terms of correct information, this revision of the law will raise the inspection power of the competent authority to the legal level. In addition to the ongoing routine inspections carried out by local governments, the Ministry of the Interior will be able to directly report cases of suspected price inaccuracies in the future. Relevant financial institutions or agencies further review the relevant documents to ensure that the transaction information is true and correct.
Regarding the penalty provisions, the Interior Ministry noted that to curb the fact that those required to testify and register repeatedly fail to make corrections and deliberately withhold information to exaggerate the situation, the revised law will add a penalty of 150,000 to those who do not make a statement or do not correct the price after three fines. Fines from RMB to 750,000 and for cases involving multi-family building (building) transactions, the principle will be one fine per household (building).
Prevent people from misusing company names and trading stocks
Furthermore, the Court also approved that the Ministry of Finance submit a draft amendment to the “Basic Income Tax Regulations”. The Ministry of Finance noted that as of January 1, 2021, unlisted, unlisted and unlisted shares (hereinafter Hing OTC) will be restored. Income from trading unlisted window shares is included in personal basic income, and in line with the policy of promoting new companies to promote industrial transformation, shares of new high-risk national companies that meet certain conditions will be excluded. .
The Finance Ministry explained that the focus of the amendment is to prevent individuals from owning real estate in the name of a company and to use share transactions to transfer real estate, thus avoiding the real estate and land tax. Once the law is reformed, income from trading shares that have not been listed on the market will be included in the taxation of the minimum tax system, which reduces the space for tax evasion by the interested parties. At the same time, in order to implement the legislative purpose of establishing the basic contribution of the personal income tax burden to the national finances through this ordinance, and to curb real estate speculation, and prevent the use of tax exemptions for capital transactions to avoid the burden of income tax from real estate transactions, the income from unlisted personal stock transactions should be restored. It is included in the personal income tax.
The Ministry of Finance mentioned that it will also adopt the external opinions of the draft amendment to this regulation during the forecast period to exclude national high-risk startup companies that have been approved by the central target business authority and have been established for less. 5 years at the time of the transaction, in order to take into account tax equity. And housing justice and optimization of the new risk investment environment.
New industries receive a 5-year fiscal cushion
Finance Ministry officials noted that the revision of the law was based on two main reasons. First, after the suspension of the stock market tax in 2016, unlisted over-the-counter stock transactions were not reimbursed at the minimum tax burden imposed by basic tax regulations, forming a channel for tax evasion. Second, it was recently discovered that an individual purchased a property in the name of an unlisted counter company and then sold it through a capital transfer. At first glance, selling the business is actually selling a property, in order to avoid the higher tax on short-term property sales. The 45% tax rate can also avoid income tax on securities transactions. Therefore, this revision of the law to restore income from trading of unlisted OTC shares to be included in the taxation of the minimum tax burden system is intended to reduce the space for tax evasion and improve the fairness of the tax system.
However, officials noted that in order to encourage industrial innovation, the government last year reviewed and passed regulations on production and innovation to provide relevant tax incentives for start-ups. Many start-ups are also unlisted companies, but if the capital transactions of start-ups are included in the minimum tax burden The tax system may be in jeopardy with the tax incentives of the Industrial and Innovation Regulations and it will also affect the financing of new ventures. Therefore, the regulations are intended to give new companies a 5-year buffer period, within 5 years of profit, the transfer of shares can not be included in the taxation of personal basic income, to promote the development of new industries and other industries. (Lin Qiwei, Qiu Bosheng / Taipei Report)
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