House income tax not based on real trades: bureau
The China Post news staffTAIPEI, Taiwan -- Officials with the National Taxation Bureau of Taipei yesterday denied media reports that house-trading income tax has been collected based on real trading prices.
August 25, 2013, 12:03 am TWN
The officials were responding to a United Evening News report which stated that after the registration system for real property trading prices was put into practice last year, some residents complained that they were required to state real profits from property trading when filing income tax statements, instead of following the established government practice of allowing them to calculate the income tax based on the government-assessed market value times proper income tax rates.
The officials said that the practice has been applicable only when it is difficult for the house trading income to be verified. They stressed that according to existing tax regulations, all the house sellers have been required to report their actual trading income when filing income tax statements.