Individual real estate transactions applicable to the new building/land combined system shall be timely declared regardless of gain or losses


National Taxation Bureau of Taipei, Ministry of Finance (NTBT) indicates, individual real estate transactions applicable to the tax system of income tax on house and land, regardless of gain or loss, shall be declared to taxing authority within 30 days after the real estate ownership transfer registration is completed.

  NTBT explains, individual house and land transactions applicable to Article 4-4 of Income Tax Act, effective January 1, 2016, should adopt the separate tax levy and declaration method. Individual should voluntarily report to authorities of its belonging jurisdiction according to the individual's household registration. Submitting a copy of the contract along with other relevant documents. Be noted that all submission must be completed within 30 days, starting from the day after the real estate ownership transfer registration is completed. Those with a tax payable shall submit the payment receipt of tax payable as well

  NTBT further explains, for non-residents, reports should be made at authorities of the sold estate, such as local branches of the Taxation Bureau or office(foreigners' transacting estate in Taipei City or Kaohsiung City should be declared to the Foreign Taxpayers Section of National Taxation Bureau of Taipei or Kaohsiung).

  NTBT reminds, taxpayers who have sold income tax levied estates that applied the new tax system of income tax on house and land should be aware of relevant regulations. Regardless of gain or loss, transactions must be reported, regarding its actual closing price and cost expenditures. Also, be mindful of the reporting dead line to avoid a penalty fine in addition to duty to be recovered.

(Liaison:  Division Head Lu, Second Examination Division; TEL: 2311 3711, ext. 1550)

Reference URL:https://www.mof.gov.tw/Eng/Detail/Index?nodeid=319&pid=79937