Premier Mao Chi-kuo has told a Cabinet meeting that Taiwan must implement a single property tax.
During the meeting on Wednesday, Mao said that the existing patchwork of property taxes has contributed to Taiwan’s growing wealth gap. He said that Taiwan is the only country in the world to tax property ownership, land ownership, and capital gains from property sale separately. Mao said that the existing system is antiquated and must be reformed.
Mao’s remarks echo the address he delivered at the legislature on Tuesday. He told legislators that the new reforms must be designed to deter speculation while at the same time sparing legitimate homeowners from unreasonable tax burdens.