我國不動產交易管制措施評析

Analysis of Countermeasures of Real Estate Market Transactions in Taiwan

全球低利率環境及國際資金流進亞洲地區，造成房地產市場異常波動，為抑制炒作行為，亞洲各國政府皆推動因應對策。2008年金融海嘯後，我國主要管控不動產交易措施包括「特種貨物及勞務稅條例」及「不動產信用管制」等，本研究以近年房地產市場價量及不動產貸款餘額之變化，探討相關成效及提出政策建議。在特種貨物及勞務稅的成效方面，從「以稅制量」的觀點，已初具成效；若探討「以量制價」的效果，房地產成交價格則呈現逐漸上升趨勢。在不動產信用管制成效方面，自2011年後，不動產貸款餘額年增率成長逐漸趨緩、不動產貸款金額占全體銀行放款比重持穩，以及全國購置住宅貸款違約率逐季下滑，顯見已達管制不動產信用之效果。本研究參考新加坡及香港不動產調控政策，所提建議重點包括：發揮不動產持有稅制功能；特種貨物及勞務稅改以課徵資本利得稅；全面施行選擇性信用管制，加強管制房貸成數上限，以健全不動產市場發展。

After the financial crisis in 2008, The low-interest-rates financial market and international capital flowed into the Asia, resulting in abnormal fluctuations in the real estate market. To suppress speculation of the real estate, Asian governments are devoted to carry out the countermeasures. The major controls of real estate transactions in Taiwan included 'The Specifically Selected Goods and Services Tax Act' and 'Selective Credit Controls', etc. This study analyzed the effectiveness of Taiwan’s countermeasures and proposed policy suggestions. We found that 'The Specifically Selected Goods and Services Tax Act' has decreased the Taiwan’s real estate transaction quantity, but not price. On the other hand, annual growth rate of real estate loads has slowed down gradually since 2011. The real estate loans proportion of all bank’s loans grew steadily, and the national housing loan delinquency rate decreased quarter by quarter. According to above statement, the selective credit controls has taken effect on real estate loads. This study compared the Taiwan real estate countermeasures to Singapore and Hong Kong. To improve Taiwan real estate market, our suggestions includes：1. Exert the capability of holding tax of real estate；2.'The Specifically Selected Goods and Services Tax Act' should tax on capital gains；3. Carry out the selective credit controls nationally instead of partially.