New tax revision to allow 2% of building purchase price to be deducted

The government has decided to extend the home loan tax deduction program for new home buyers to allow a three-year period whereby a home owner could deduct up to 2% of the building portion of their purchase price from their income tax. This is an effort to help support the housing market this year when the consumption tax rate is scheduled to increase to 10% from October 2019.

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Kyoto may impose hefty tax on short-term accommodation hosts

Kyoto City is firming up plans to impose a nightly tax on providers of short-term accommodation, or ‘minpaku’-type rentals. If approved, it could go into effect from October 2018.

Under the proposal, hosts or providers may be taxed at 200 Yen per night on accommodation that is priced at under 20,000 Yen per person, per night, 500 Yen on nightly accommodation that is between 20,000 ~ 50,000 Yen, and 1,000 Yen on nightly accommodation that is over 50,000 Yen.

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Kyoto is considering a tax on holiday home owners

Kyoto City is looking into introducing a tax on holiday home owners. In recent years, the number of out-of-town buyers of homes and apartments in the historic city has grown. The homes sit empty for most of the year while the owners do not provide much in the way of tax revenue, leaving locals to carry the costs of maintaining the city’s infrastructure, and various local activities and programs.

Furthermore, increasing tourist numbers have led to intense competition for hotel development sites, pushing up real estate prices in the inner city areas to levels that are now unaffordable for the younger population.

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