Taiwan MOF Explains Taxation on Sale of Property Under Amended Preferential Regime

The Taiwanese Ministry of Finance Nov. 6 explained the tax treatment of the sale of property under the amended preferential regime where taxpayers declare property along with the land. The explanation includes: 1) a tax exemption up to the taxable income threshold of NT$4 million (US$140,197) on property sales under the regime; 2) a 10 percent tax on income exceeding the NT$4 million threshold; 3) the applicability of the amended regime to properties inherited or sold after Jan. 1, 2015; 4) the option to switch to the amended regime for taxpayers residing on the property for six consecutive years without ...