A milestone was reached yesterday in the government's battle against real estate speculators. The so-called "luxury tax bill," which aims to curb rampant speculation in the property market, was formally approved by the Legislature in a rare consensus between the major parties.

The new law will require a 10% tax to be levied on properties bought and resold within 24 months, and for those resold within one year, the tax rate is raised to 15%. In addition, a 10% tax will also be levied on consumer goods valued at 3 million NT dollars or more, such as private aircrafts, yachts, and luxury vehicles. The new tax is scheduled to be implemented starting June 1st.