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Q:
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How to calculate the “Holding Period” of income tax from the transaction of individual housing lands?
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A:
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Such holding period is from the date of procurement to the date of transaction. The following conditions of calculation otherwise:
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1.
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The inherited housing land: Holding Period= Individual Holding Period + Inheritor’s Holding Period
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2.
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The gifted housing land: Housing Period= Individual Holding Period + Bequester’s Holding Period
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Q:
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How to declare the “loss of housing land transaction”?
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A:
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From 2016/01/01, the housing lands regulated under the new policy issued by the National Taxation Bureau of Central Area shall be declared such loss to National Taxation Bureau from the date of transaction in 3 years as well as be deducted the income from the transaction of housing lands regulated under the new policy. The approval of such loss from National Taxation Bureau is required in the declaration.
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Q:
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Which kinds of situations are applicable to “Preferential Tax for Owner Occupied”? and how to calculate “Exemption Tax for Owner Occupied”?
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A:
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1.
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To whom meet the following conditions of transaction of individual housing lands is applicable to “Preferential Tax for Owner Occupied”:
1）
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Individual, the spouse, and children underage with the household registration in their own house (Please refer to the photocopy of household certificate in household registration.), rights of holding and the residency for 6 years consecutively.
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2）
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The transacted self-use residential land without any record of rental, business, or sales for anybody in the first 6 years.
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3）
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Individual, the spouse, and children underage do not have any record of application to
the preferential tax for owner occupied.
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2.
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Exemption Tax for Owner Occupied: Those who are imposed less than NTD$4,000,000 are able to exempt the individual income tax. The amount of exemption is the taxable income. That is, taxpayers whose taxable income is more than NTD$4,000,000 are able to be exempted from 4 million in TWD. The surplus amount of income shall be multiplied with 10% preferential rate and calculated it into tax payable.
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Q:
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What kind of punishment will be faced if failing to declare the loss from transaction of housing lands regulated under the National Taxation Bureau of Central Area is?
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A:
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Except for whom meet the requirements of exemption, individual transaction of houses or lands regulated under National Taxation Bureau of Central Area, no matter the benefit or loss of such transaction is, shall be declared in 30 days. In the condition of failure to declare such transaction, a fine in an amount of not less than NT$3,000 but not more than NT$30,000 will be incurred. In addition, in the condition of the amount of overdue tax incurred, not only such overdue tax shall be recovered, but also a fine will be three times of the amount of tax evasion will be incurred. The severer punishment will be applied to as the aforementioned conditions occurred.
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Q:
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How to calculate the day of stay for foreigners in Taiwan?
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A:
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Such day of stay shall be calculated from the date of entry or exit stamp or the date on certificate of entry and exit dates issued by National Immigration Agency (The end day shall be the whole day to calculate regardless of the beginning day). If such foreigner enters or exits in Taiwan for several times, the day of stay shall be calculated accumulatively.
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FAQ
