The government expects to gain billions in tax revenues from Taiwan’s new property tax, which will take effect in January.
During an interview with Radio Taiwan International on Wednesday, Minister of the Interior Chen Wei-zen said the government is expected to gain NT$4.2 billion in taxes in the first year after the new law takes effect. The government may then gain up to NT$8.6 billion the second year and NT$27 billion from the third year on.
Chen said that the revenues will be used to provide subsidies for building social housing and to help those who need long term care. Chen also explained how the ministry plans to promote youth housing plans which will be geared to the disadvantaged in society.
"We are going to build housing on government land," said Chen. "This housing will be for disadvantaged households. If one buys it, you only have surface rights rather than land ownership rights. And if you have another home, then you need to return this home to the government. So this resource will always be made available for use to different disadvantaged families."
Chen said that the government is planning to build these youth housing plans near MRT stations and that they will be available at far below market rates.