由於台灣近年來房價不斷上漲,不僅造成民眾購屋意願降低與增加企業的營運成本,更變相的鼓勵炒房,加速資產泡沫化的可能性。自從2011年6月起,財政部實施「特種貨物及勞務稅條例」,即俗稱的奢侈稅。課稅的基準為銷售價格,且納稅義務人為房屋原所有權人,政府藉由課稅的手段試圖減緩房價的上漲。 本研究主要目的在於評估政府抑制房價政策,對房地產市場的影響。因此建構動態隨機一般均衡模型,其中包含兩個家計單位、兩個生產部門以及房屋轉移稅,再運用AREMOS資料庫,透過所提供的台灣內政資料與其他經濟指標決定參數值與模型校準。研究中討論可貸成數衝擊、稅率衝擊與貨幣政策衝擊,以上三種衝擊對房屋市場成交價格與交易量的影響。結果顯示相對於利率,租稅政策的調升較能有效抑制房價的上漲。希望藉由研究結果能提供政策上的建議,幫助政府落實稅收公平與穩定房價的目標。
High housing prices, not only reduce people’s intention of buying house, increase the operating costs of enterprises, but encourage speculation in the real estate market and accelerate the occurrence of asset bubbles. Since June 2011, the Ministry of Finance has implemented “The Specifically Selected Goods and Services Tax Act”, commonly known as the Luxury Tax to mitigate the rising housing prices. The tax base is the selling price and the taxpayer is the original owner of the house. Dynamic stochastic general equilibrium (DSGE) model is a standard tool for policy analysis. The purpose of this paper is to study the effect of a housing transaction tax on Taiwan’s housing market. We set up a two-agent, two-sector, closed-economy DSGE model. We examine the dynamics of housing prices and housing consumption in response to tax policy shocks, Loan-to-value shocks and interest rate shocks. The results show that using the tax policy is more useful than increasing interest rates to curb the housing prices.