06 Apr '11, 12pm

Taiwan to impose tax to curb home prices: TAIPEI : A planned "luxury tax" that aims to rein in property speculat...

TAIPEI : A planned "luxury tax" that aims to rein in property speculation in Taiwan came a step nearer on Wednesday when it breezed through its first reading. The Finance Committee gave the go-ahead to the first draft of the bill after President Ma Ying-jeou ordered legislators in his Kuomintang party, which holds a majority on the committee, to help push it through. The move comes as house prices in Taiwan have soared, leading to tensions over the widening gap between the island's rich and poor that has seen Taipei become one of Asia most expensive cities. "The approval of the bill today marks a triumph of social justice ... hopefully it will help crack down on short-term speculation," Kuomintang legislator Fei Hung-tai, a committee convenor, told reporters. Fei expected the committee to pass the second and third and final reading of the bill before it is voted on by parl...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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