The Legislative Yuan passed on June 5, 2015 amendments to the Income Tax Act and The Specifically Selected Goods and Services Tax Act.  Both land and buildings are now included in the income tax scheme, replacing the current bilateral tax scheme whereby the land incremental value tax is assessed on land, and the income tax is assessed on buildings.  The “specifically selected goods tax” on real estate is removed as a corresponding measure.  The above amendments will take effect on January 1, 2016.