The Ministry of Finance announced on March 9, 2016 an amendment to the“Operational Guidelines Governing the Declaration of Income Tax Based on the Combined Value of Land and Building”, loosening the requirement of when a taxpayer is required to declare income tax based on the combined value of land and building.  Where a taxpayer engages in more than two housing development projects in the previous five years, such taxpayer will be regarded as a profit-seeking enterprise that is required to declare income tax.