The Executive Yuan checked through ' land tax law 34th revised the draft ' on August 29 , the 96th year of the Republic of China, basis should revise the draft, to already suitable ' once-in-a-lifetime ' private residence land used for preferential land owner of tax rate, selling the land used for private residence again, and the person who accords with relevant regulation terms, can be once again suitable and private land used for preferential 10% of the lessons of tax rate of residence seek the land value increment tax. What influence will be there to fiscal revenues , society's fair , the economic efficiency and the tax administration this research is implementation probing into this policy through the questionnaire way? This research real example result is done into the following conclusion, first: Keep current " once-in-a-lifetime " private residence preferential tax rate and " purchase the refund of tax outside again ", revise and enlarge the preferential measure of relaxing " not restricting once-in-a-lifetime ", hide the considering of loss of tax revenues after implementing. Second: Relax personal preferential measure that house " not restricting once-in-a-lifetime ", must stipulate the condition " in 5 years before selling " among them, do not have for using or hiring out", will cause the persons who will use by oneself with for opening or tax among the lessor to donate and bear unfairly, and apt to give birth to and seek and receive both sides to dispute , increase the puzzlement of administrative litigation in vain. Third: Relax the preferential measure " not restricting once-in-a-lifetime " in the private residence , will be counted more largly and relatively have the ability to change the room because of the house level ground which the high income person has, it is relatively large and can be lightenned the tax interests of donating the burden. The house level ground that the low income person has is counted smaller and relatively has no ability to change the room, and get the unfairness phenomenon with less interests of lightenning taxes and donating the burden. Fourth: Relax the preferential measure " not restricting once-in-a-lifetime " in the private residence , will improve general people and change the will which will purchase the new room. The fifth: Relax the preferential measure " not restricting once-in-a-lifetime " in the private residence, equate government's tax subsidy to the person who sells private residence, will cause the improper disposition of resources , produce meaningless losses of the society.

The 50% reduction of land value increment tax policy was implemented since 1st February 2002 and ended at 31st January 2004. The policy was enforced among every local government in Taiwan for two full years. For every local government, the degree of prosperity and the societal type of its city differs from each other. As for the policy itself, every county and city has different amount of lands to meet the qualification of the policy and different announced land current value. For example, Pingtung(«ÌªF) County is famous for agricultural production. In Pingtung County, although the policy uses half reduction of progressive tax rate to tax the land value nominally, the true origin of the tax is a ¡§public policy¡¨ that could affect the whole society. What has been affected or what has affected the policy on its implementation? Whether the prediction of real estate market boost and two times tax income of the Economic Development Advisory Conference are correct? This research is going to make a benefit evaluation of the policy¡¦s implementation. The research method of this research consists of survey, in-depth interview, and collection of governmental information and the research concentrated on presenting both objective and subjective perspectives, which will be showed in Chapter 3 and Chapter 4 for mutual proof of the policy¡¦s benefits. In terms of subjective evaluation, the land value increment tax policy benefited less then 20% for boosting the real estate market. On the contrary, according to our research result, 57.9% consider the policy as low interest loan, 70.6% thinks the policy is good for tax reduction, 76.6% thinks the policy is good for bankers, 52.4% thinks the real estate value never increased, 76% thinks the policy increases cases of ¡§faking trade but bestow in real,¡¨48.4% thinks the policy increase case of legal auction, 47.1% thinks it qualify for fair and justice, 44.3% thinks only consortium benefited from the policy, and 41.9% thinks the policy affected the social security. Among the objective governmental statistical information, it was found that the cases of legal auction indeed grew twice more. Before the implement of the policy, in 2001, there were 1890 cases. Since the implement in 2002, there were 3882 cases and 5839 cases in 2003.Furthermore, the issue of construction license and exercising of new house building also increased. In 2001, there were 1171 cases. In 2002, there were 1693 cases. In 2003, there were 2213 cases. However, during our in-depth interview, it was found that previous demonstrated growth of licenses was not due to the policy. The income of land value increment tax was 967805000NTD in 2001, 1160959000NDB in 2003. To sum up, the increment of real estate shifting cases and new built houses does not represent increment of tax income. Nonetheless, from both the subjective and objective evaluation, it is found that the policy is a good opportunity for tax reduction but not the primary reason for boosting land trading. It actually fastens the cases of legal auction, lower the bad debts and exceeding release ratio of banks, benefits only the consortium but shrink the budget of social security, and there might be no land tax in the incoming years. The policy does not meet the ¡§mark-up goes to the public¡¨ concept of the equal land right policy.

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土地增值稅自民國九十一年二月一日起兩年內減徵百分之五十（民國九十三年一月又延長一年至九十四年一月三十一日止）。以往研究發現，當稅制改變時，股市會反應稅制變動所帶來的影響，但鮮少有研究探討稅制變動是否帶來公司實際交易改變之影響。本研究針對土地增值稅減半徵收對我國上市櫃公司土地交易的影響進行實證分析。研究結果發現（1）在減徵政策宣布之後，但實際生效之前，我國上市櫃公司傾向延後處分所持有的土地（2）整體統計資料顯示，土地增值稅減徵政策有助於刺激上市櫃公司進行土地交易以及處分具有較高未實現持有利得之土地之現象，但實證迴歸的結果並不支持。（3）本文實證迴歸結果顯示，營業虧損的公司以及擁有較多出售用土地的公司較會在土地增值稅減徵期間進行土地交易。 基於上述實證結果，本文推論，在減徵正式實施後所增加的土地交易，其背後的動機多為彌補本業虧損或藉由在減徵期間進行土地交易，墊高土地成本以降低未來租稅負擔。因此，由我國上市櫃公司土地交易情形觀之，此次土地增值稅減徵對於欲達到刺激經濟成長的目標，成效並不顯著。 / The Land Value Increment Tax (LVIT) has been halved for two years from Feb. 1, 2002. (The tax cut policy has been extended from two years previously to three years until Jan. 31, 2005). Prior studies found that the impacts of change in tax rate will be reflected on company stock prices, but fewer studies were aimed at the impacts of change in tax rate on real transactions. This study examines the impacts of LVIT cut on Taiwan’s listed and OTC companies land transactions. It is found that (1) According to the empirical results, listed and OTC companies deferred their land transactions after the announcement of the tax cut policy. (2) Based on the descriptive statistics results, it is found that the tax cut policy induces listed and OTC companies to sell land in the implementation period and to postpone selling land with higher holding gains during the announcement period to gather greater disposal gains. However, the regression results do not support the same conclusions. (3) The empirical results of this study provides evidence that higher Land-for-sale and Operating loss are important motives behind increased land transactions by listed and OTC companies in response to the tax cut policy. Based on the above-mentioned empirical results, this study infers that, as a result of the LVIT cut, the motives behind increased land transactions conducted by listed and OTC companies are for the purpose of reducing tax burden in the future or covering loss from operating activities. Consequently, this tax cut policy contributes little to efforts to stimulate economic upturn, since most of the listed and OTC companies only take advantage of the policy to gather tax benefit or to cover loss -- a development that is not beneficial for overall economic growth.

建設公司為典型的內需產業，隨著國內經濟的發展而變動。在民國80年後房地產市場因經濟與政治的動盪而一路下滑，陷入長期的衰退時期，因此政府採取許多利多措施以振作該產業的發展，而土地增值稅減半徵收政策就是其中一項振興措施。土地增值稅減半措施可以降低土地的交易成本，被房地產市場認為是利多消息，而國內研究多從投資人的觀點探討政策對股價的影響，未曾探討該政策對身為房地產市場供給者之建設公司經營效率的影響程度。 因此，本研究針對1998年至2003年的36家上市櫃建設公司，採用資料包絡分析法與大邊界法的概念，畫出單一包絡曲線以涵蓋整體樣本期間，求出所有樣本的效率值並分析其長期趨勢，以探討減半徵收政策對建設公司成本效率、配置效率與技術效率的影響。 實證結果顯示，政策實施後之純技術效率顯著大於政策實施後，而政策實施後之規模效率則顯著小於政策實施前；以Tobit迴歸分析顯示，政策實施對建設公司整體而言有提升配置效率與純技術效率的效果，但規模效率是下降的，表示建設公司尚未達到最適生產規模，仍有調整提振的空間。另外，就不同組織型態下的建設公司探討政策對其影響程度，若就上櫃建設公司與上市建設公司兩個子群體分別觀察，分析結果發現上櫃建設公司在政策實施前與實施後之成本效率、整體技術效率、純技術效率與規模效率皆顯著大於上市建設公司，且政策實施對上市建設公司之純技術效率有大幅度提升的效果，而Tobit迴歸分析亦顯示上櫃建設公司之經營效率較上市建設公司為佳。從有無集團背景著眼分析顯示非屬於集團企業之建設公司在政策實施前與實施後之成本效率、整體技術效率與純技術效率皆顯著大於屬於集團企業之建設公司，而Tobit迴歸分析亦顯示屬於集團企業之建設公司在整體技術效率方面不如非屬於集團企業之建設公司。 / Developers as the typical domestic demand industry change with development of the domestic economy. Because of turbulence of the economy and politics the real estate market fell into long-term decline after 1990. So the government took many favorite policies to improve the development of this industry, and the Land Value Increment Tax (LVIT) cut was one of those policies. The LVIT cut could reduce the transaction cost of the land, so it was thought a profitable policy to the real estate market. Most domestic researches are based on the investors’ view to test the impact of the policy on stock market, but not focus on the influence on the suppliers of real estate market, developers. In order to trace the trend of developers’ efficiency, this research employs data of 36 listed developers from 1998 to 2003 and applies Date Envelopment Analysis (DEA) to construct a grand frontier. Therefore, based on the trend of grand frontier this research could examine the impact of LIVT cut on developers` cost efficiency, allocation efficiency and technical efficiency. The major findings of this research as follows. The statistical results show that pure technical efficiency after the policy is statistically significant greater than that before the policy, and scale efficiency before the policy is statistically significant greater than that after the policy. The Tobit regression suggests that the implement of the LIVT cut could improve pure technical efficiency and allocation efficiency but drop scale efficiency. The finding suggests that developers have not yet reached the best scale and still have adjustment space. In addition, this research examines the impact of the policy on developers under different organization type. First, to divide developers into TSE and OTC. The analysis result shows that whether before the policy or after the policy cost efficiency, technical efficiency, pure technical efficiency and scale efficiency of OTC are statistically significant greater than that of TSE, and Tobit regression also shows that business efficiency of OTC is greater than that of TSE. Besides, from views of group background, the analysis result shows that whether before the policy or after the policy cost efficiency, technical efficiency, and pure technical efficiency of independent developers are statistically significant greater than that of group developers, and Tobit regression shows that technical efficiency of independent developers is statistically significant greater than that of group developers.

本文係採公共政策理論方法，兼顧土地課稅政策目標與政治行政可行性兩方面分析比 較何類土地稅基較適合我國目前政治體制，俾政府所面臨之地價稅基偏低無法達成政 策目標，而地價高漲民眾又可能抗稅；及公告土地現值偏低，漲價歸私，但土地徵收 補償時，民眾又抱怨地價過低影響其權益等之兩難問題能獲得解決，全文共分七章廿 二節，茲扼要說明其內容如下： 第一章 緒論：說明本文之研究動機與目的，研究範圍與限制，研究方法與流程，並 就相關文獻加以探討。 第二章 土地課稅理論與立法沿革：說明土地稅之理論根據，平均地權與漲價歸公， 我國土地稅稅基立法演進，並就土地稅之功能加以分析。 第三章 土地稅稅基問題與影響：說明作為地價稅稅基之公告地價與土地增值稅計徵 標準之公告土地現值所產生的問題及其影響。 第四章 地價稅稅基分析：探討地價稅性質與課稅地價查估方式，並依公共政策理方 法就地價永以為定，每年規定一次與每隔三年規定一次作為地價稅稅基方式加以比較 分析，再以問卷調查社會各界對地價稅稅基之看法，以供分析結果參考。 第五章 土地增值稅稅基分析：說明土地增值稅特性，並依公共政策理論方法就公告 土地現值，實際移轉地價，標準宗地地價三種土地增值稅計徵標準方式加以比較分析 ，再以問卷調查社會各界對土地增值稅計徵標準之看法，以供分析結果參考。 第六章 土地稅稅基改進方向與配合措施：論述土地稅稅基改進方向與掌握課稅地價 之配合措施。 第七章 結論與建議：綜合各章所述作一結論分析，並提出建議。

本論文共一冊，約四萬字，分為五章，十六節。 本論文主要在探討現金增資公告對股票價格的影響，以了解現金增資公告是否具有「 情報效果」，並進一步檢定台灣的股票市場是否符合「半強式效率市場假說」，亦即 是否目前的證券價格充分地反映了所有已經公開的情報。 本研究利用市場模式來估計個別證券的預期報酬率，而實際報酬率與預期報酬率的差 ，即表示消除了市場因素影響後，個別證券所持有的變動，再利用平均誤差及累積平 均誤差來顯示現金增資公告日前後四十一天內報酬率異常變動的情形，並使用幾種不 同的統計量來檢定這些異常報酬率是否具有統計上的顯著性。

土地增值稅主要將自然增值收歸公有，以達地利共享的政策目標。自民國62年改採公告現值制度以來，由於制度及人為因素，使公告現值偏離市價，造成漲價歸私，同時促使土地投機，地價暴漲暴跌，財富分配不均，間接影響整個經濟社會的發展。本文的研究目的，旨在檢討我國土地增值稅稅制的缺點。提出改進方案。 　　本文的研究方法，蒐集自53年實施稅制以來的改革資料，配合稽徵機關的統計資料，作為分析與檢討的依據。並列舉英國、西德、義大利、紐澳及日本等六個國家的稅制，作一比較與評估，以供參考。 　　本文研究範圍，主要以增值稅的稅基為主。包括移轉時之現值，前次移轉現值或原規定地價、其他費用等。其中又以移轉時之現值在漲價總數額中居關鍵地位，因評價標準不同，所得的增值額差距亦大。公告現值雖然簡便，但卻偏離市價；實價課徵雖可正確衡量出稅基，若無整體規劃、估價、金融、仲介制度的配合，亦成空談。 　　本文除介紹土地課稅理論外，並由平均地權與漲價歸公的角度，確立土地增值稅的政策目標，據此探討我國稅制的缺失，歸納如下： 　　1.平均地權漲價歸公係一套完整的制度，但要付諸實施卻有很大的阻力。我國土地增值稅理念上依循平均地權的辦法，實施上又以課稅為主要方法，不但無法漲價歸公，反而弊病叢生。 　　2.民國43年按實價課徵的增值稅，由於客觀環境尚未成熟，法令規定不一及未建立土地估價制度，導致地價混亂，無依循標準而告失敗。 　　3.起而代之的公告現值，不但無法接近市價，反而促使土地投機、房地產價格波動起伏更大，資源扭曲，財富分配不均。如本文所分析的資料顯示，一般買賣案件中，平均有效稅率為46%，若加入「零稅基」的案件，其有效稅率為31.2%，亦即漲價歸私比率68.8%，此仍不包括自用住宅優惠稅率案件在內。實施結果與政策目標背道而馳。 　　實價課徵的採行雖較能達到「漲價歸公」，但在技術上面臨最大的困難就是如何掌握實際的買賣價格。自英、西德、義大利、紐澳及日本等國稅制的比較與評估中，可知技術上的困難可以克服。特別在鼓勵投資，抑制投機方面，英國准許扣除較高的投資成本及投資利潤；義大利對於土地建築期間的增值，不列入課稅範圍；日本更依其持有期間，劃分長期、短期、超短期，課以不同稅率。各有所長，值得借鏡。 　　最後，針對目前增值稅稅制，提出如下建議： 　　1.全面改制按實價課徵，訂定賞施的時間表及步驟。為改制前的各項配合措施，作有計劃的準備。 　　2.修法規定，土地買賣須經中介機構，非經此一機構不能買賣。 　　3.建立健全的估價制度，重視專業人員的培訓。 　　4.改制的過渡時期，如前次成本認定問題，費用扣除比率，房地併售價格劃分，均應審慎處理。 　　5.為防止土地投機，依據持有土地時間長短，課以不同稅率，或開徵「變更使用捐」以因應。加強人民誠實報稅的觀念，發揮自動勾稽的效果。

在一個動態體系中，土地在各期的最佳利用方式，將可能隨開發時機而改變，如此，倘若政府土地稅的課徵，會對地主土地開發時序選擇造成影響，則將有影響土地利用的可能。職是之故，土地稅對土地開發時序的影響，就成了政府在課徵土地稅時，必須思索的課題。本文首先重點式的介紹國內外論及此一課題的相關文獻。其次利用現值模型做為分析的架構，得到了以下結論： 　　(1)地主土地開發的最適時機，在將土地開發延後一期之邊際成本等於利益相對之時。 　　(2)在土地開發前適用的稅率高於開發後的狀況下，課徵土地收益稅與地價稅，將加速土地開發。而在開發後稅率高於開發前之情形下，課徵土地收益稅與稅基「永以為定」的地價稅，效果為延緩土地的開發；但課徵稅基為市場價值的地價稅時，效果則不明確。 　　(3)課徵增值稅的效果取於土地前次移轉價值。如果此移轉地價高於（小於）土地開發前純收益之還原價值，則土地增值稅的課徵將加速（延後）土地開發的進行。 　　(4)無論是否課徵土地稅，土地開發前純收益流量的增加，將會導致土土地延後開發。另一方面，提高土地開發後之純收益流量，通常會造成土地開發的提前。不過，在地價稅的課徵係以市場價值做為稅基的情形下，土地開發後純收益流量增加對土地開發時序時影響，視土地開發前後適用稅率的相對大小而定。在土地市場發生閉鎖效果時，課徵土地增值稅將造成部分土地的延後開發。

憲法第19條規定：「人民有依法納稅之義務」，明示租稅法律主義應以法律明訂，針對未規定之租稅項目，原則上不得比照、援引或類推適用其他法令之規定，租稅法律主義成為稅法之基本重要原則。隨著經濟水平的提升，個人與企業租稅負擔增加幅度急速上升，錯綜複雜之交易型態層出不窮，納稅義務人往往透過規避稅捐，使其獲得租稅優惠之條件或達到免除租稅負擔之目的。為確保租稅公平，民國98年5月13日修正公布稅捐稽徵法第12條之1，明訂課稅事實認定之原則，其認定之構成要件應以實質經濟事實關係及其所生實質經濟利益之歸屬與享有為依據，然其適用範圍亦未明確，對於納稅義務人之侵害自然無所規範。其中與人民息息相關之稅捐法體系當中尤以土地交易爭議之衝突甚為明顯。 本研究以租稅法律主義及實質課稅原則為主軸，輔以探討土地改革之歷史發展及土地交易所得本身性質，並以相關稅務行政救濟案例，針對不同判決見解進行分析及常見爭議，發現其爭議在於當前土地增值稅之規定與漲價歸公之理念無法並駕齊驅，尤其公告現值與真正出售之價值相去甚遠，導致「窮者欲窮、富者欲富」。探討其精神核心，無論是憲法、土地增值稅、實質課稅原則，無非達到租稅公平原則，依此核心思考，本研究試圖針對憲法與法律兩層面提出建議解決方案以貫徹租稅公平原則： 1. 憲法層次：將土地增值稅予以廢除，改徵土地交易所得稅。 2. 法律層次： （1） 將土地交易所得納入「最低稅負制」，修正所得稅額基本條例第12條。 （2） 改採實價課稅並增訂商業會計法第42-1條，將處分土地資產之溢價收入納入資本公積，恢復其資本公積增減資免稅之規定。 / Article 19 of the Constitution provides that the people shall have the duty of paying taxes in accordance with law. This means that when the State imposes a tax or provides a preferential tax deduction or exemption treatment for its people, this must be based on laws or regulations clearly authorized by law, prescribing the constituent conditions of the tax such as the subject, subject matter, tax base, tax rates, methods of payment and period of payment. The interpretation of relevant laws by the competent authority within its competence shall abide by the principles of the Constitution and the meaning and purpose of the relevant laws, and comply with the general rules of legal interpretation. Any interpretation that exceeds the bounds of legal interpretation of law and that creates tax duties not provided for under the law is not permitted by the Principle of Statutory Taxpaying under Article 19 of the Constitution. With the rapid economy, the taxpayers pursue the profit maximization by means of tax avoidance. To maintain the tax equity, the officials decided to amend the “Tax Levy Act” to provide clear definition for “Substance-Over-Form Principle ”, and then the newly-added Article 12-1 of Tax Levy Act was published on 13th May 2009.However, it has not embodied in “Substance-Over-Form Principle ”,so that the conflicts are still obvious in tax system ,especially in Land Capital Gain. The study focuses on conflict between the Principle of Statutory Taxpaying and Substance-Over-Form Principle, with the investigation of historical development and nature of taxation in Land Capital Gain. Besides, the administrative remedy should take into consideration in practice under the study. The regulation in Land Value Increment Tax currently is not put in range with land appreciation belong to the public, especially in Current Land Value. To understand the legislative purposes, we can find the “tax equality ” is the top priority between constitution and regulation. The following are suggestions we provide: 1. Constitution: Abolish the Land Value Increment Tax and promulgate Land Capital Gain Tax. 2. Regulation: (1) The Alternative Minimum Tax (AMT) includes the land capital gain, with amendment article 12 in AMT. (2) Additional Paid-In Capital contains the land capital gain and amend the article 42-1 of commercial account law ,with real-estate tax policy based on actual market price.Simuntanously, capital increase and decrease out of capital reverse exempted from income tax.