不动产特销税有效性之实证研究对短期交易与所得-中华民国住宅学会.PDFVIP

120 JOURNAL OF HOUSING STUDIES, VOLUME 23 NO. 2, DECEMBER 2014 The Effectiveness of the Excise Tax on Real Estate Trades: Impact on Short-Term Trades and Income *** Mia Twu*, Yophy Huang** 摘　要 2003 2011 6 () 關鍵詞 ：特銷稅、不動產短期交易、所得、財富、量能課稅 ABSTRACT In Taiwan, the housing price has been escalating quickly since 2003 in spite of there being an over-supply of housing. One of the main reasons for this phenomenon is the serious under- estimation of real estate prices by the government. This results in the taxes either on short-term trades or on holding real estate being very low. Since the inauguration of the new excise tax on short-term real estate trades in June 2011 by the Taiwan government, an inquiry has been made into the effectiveness of this new tax. This paper answers the question by examining the impact of the new tax on short-term real estate trades and income (or wealth). The empirical results show that, first, short-term real estate trades have significantly contributed to the income and wealth of their traders. Second, the new excise tax has significantly reduced short-term real estate trades and their gains, especially for high frequency traders. Third, those traders who are paying the new excise tax have higher income and are wealthier. This implies that the new excise tax complies with the principle of taxing based on the ability to pay. Finally, because the tax is applicable only to trades with a holding period of less than two years, wealthier traders have become better at prolonging their holding period to evade the tax. This has curtailed the effectiveness of the new excise tax. Key words: excise tax, short-term trade, income, wealth, ability to pay (本文於2013年11月7 日收稿，2014年1月29 日審查通過，實際出版