土地增值稅減半徵收對公司實質交易之影響

The Impacts of the Land Value Increment Tax Cut Policy on the Land Transactions

我國政府為了刺激不動產交易，於民國91年2月1日至94年1月31日實施土地增值稅減半徵收，本文旨在探討公司是否透過此一土地租稅政策的租稅優惠進行土地出售交易以降低交易成本，並以迴歸模式分析此一土地增值稅減稅利益的出售利得與企業特性之關聯性。實證結果顯示，在土地增值稅減半徵收期間，由於出售土地的交易成本降低而使得公司出售土地的次數增加。土地佔資產比率以及負債比率較高的公司，受惠於此項減稅措施也愈大，有較高的土地出售利得。這些結果提供了我國特有的土地增值稅制對於公司土地出售實質交易之實證證據。 The government of Taiwan enacted a 50% tax cut on the Land Value IncrementTax in order to stimulate construction industry during the period from February 2002to January 2005. This study examines the effect on land transactions times of theLand Value Increment Tax-Cut policy and explores the relation between the gain onsale of land of the tax policy and firm characteristics. Empirical results show thatthe land transactions times were increased during the period of the Land ValueIncrement Tax-Cut. The tax-cut policy was regarded as an effective measure tostimulate the local real estate market and inspire the economy prosperity. Moreover,companies with greater land-to-asset ratios and debt-to-asset ratios tended to havegreater gain on sale of land. The findings of this study provide empirical evidenceon the land transaction impacts of the tax cut policy.