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Central, local governments to curb Taipei property prices: official
Central News Agency
2014-04-23 09:27 AM

The central government and the Taipei city government will join forces to rein in soaring property prices in the capital, using various new measures that will include tax reforms, Taipei Deputy Mayor Chang Chin-o said Tuesday.

Chang said that he and Finance Minister Chang Sheng-ford have reached a three-point consensus in an effort to cool down the housing market and bring home prices down to reasonable levels within two years.

The consensus includes increasing taxes on houses bought as investments, levying a housing and land tax based on actual property values and encouraging owners to rent out their houses at low rates for disadvantaged people by offering them tax reductions.

In related news, several civic groups composed of members who cannot afford to buy homes called on the ministry to lead local governments in comprehensive reforms on the property taxation system to help bring down surging house prices, which have caused a huge wealth gap in the country.

They suggested imposing heavy taxes on speculators in the property market based on the principle of fair taxation.

Meanwhile, Premier Jiang Yi-huah said the government introduction of measures to curb high home prices will only take place so long as economic and industrial development is not adversely affected.

(By Wu Chia-ying, Wei Shu, Tai Ya-chen and Evelyn Kao)

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