台灣地區房地產投資稅負研究

A Study on Taxation of Real Estate Investment in Taiwan

邱創鴻(Chuang-Hung Chiu)

指導教授 ： 盧秋玲

國立臺灣大學/管理學院/臺大－復旦EMBA境外專班/碩士(2016年)

https://doi.org/10.6342/NTU201700033

摘要

台灣地區房地產市場自1970年代至今經歷四次景氣循環，過去多以增加供給、限制建築或提高存放款利率為降溫手段，惟近年政府調控方式除實施選擇性信用管制等金融手段外，多以不動產稅制改變著手，例如奢侈稅、提高地價稅或房屋稅等方式，試圖驅趕投資於房地產的資金轉至其他商品或市場。本文之目的在於探討國外不動產稅制，並觀察台灣地區過去到現在房地產價格及成交量因稅負負擔加重產生的實質變化，嘗試為國內不動產稅制在促進投資並有效利用之前提下提出改進之處。首先就財產稅之理論、租稅經濟效果及不動產稅制體系進行論述，並比較分析日本、美國、英國及新加坡的不動產稅制，同時檢視國內不動產有關持有及移轉稅稅制，另外亦探討近年影響台灣地區之不動產投資稅負變遷及對市場的影響。
本研究認為，房地產上、中、下游及相關支援性服務業合計產生的貢獻占台灣地區之經濟成長率相當重要比重，因此應以健全房地產之供需市場、金融制度及交易資訊透明化為目標，促進市場機能以達到資源配置的經濟效率。針對稅制調整部分，應著重在移轉稅有關資本利得的課徵，而非增加持有期間投資人的負擔，地方因投資增加而繁榮下，經濟將邁向健康且正向的循環。

關鍵字

財產稅理論 ； 持有稅 ； 移轉稅 ； 房地產投資 ； 地上權投資

並列摘要

The real estate market in Taiwan has experienced four cycles since the 1970s. In the past, increase in supply, restrictions on construction or hikes in interest rates were used as cooling measures. In recent years, however, in addition to selective credit control, an overhaul of the real estate taxation scheme, including the implementation of luxury tax, increase in land value tax and housing tax, has also been adopted by the government to drive the capital invested in the real estate market away to other products or markets. Under the prerequisites of investment facilitation and effective use, this thesis attempts to propose areas of improvement in Taiwan’s taxation system by exploring other countries’ real estate taxation schemes, and observing the actual changes in property prices and transaction volume in Taiwan resulted from tax increase. It first discusses the theories of property tax, economic effects of taxation and the real estate taxation systems, and compares the real estate taxation systems in Japan, the US, the UK and Singapore. It then reviews the holding and transfer taxation scheme in Taiwan, and further explores the changes in the taxation scheme of real estate investment in Taiwan as well as their impacts on the market.
This research concludes that the upper, middle, and lower streams of the real estate industry as well as its relevant supporting industries contribute greatly to the GDP growth in Taiwan. Thus, to achieve the economic efficiency of resource allocation through the facilitation of market function, it is important to build up a real estate market that is equipped with healthy supply and demand, a sound financial system, and a system where the information is transparent. Taxation reform shall focus on capital gain tax instead of holding tax, as the latter increases the burden of investors. The local economy is expected to prosper with an increase in investment, which can result in a healthy and positive cycle in the overall economy.

並列關鍵字

The Theory of Property Tax ； Holding Tax ； Transfer Tax ； Real Estate Investment ； Superficies Investment

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