In Taiwan, a luxury tax policy took effect on June 1st. The policy applies to homes for investment purposes - that is, homes not actually being lived in.

A 15 percent tax will be imposed on homes sold within one year of purchase, while a 10 percent tax will be slapped on properties sold in the second year after purchase.

Other luxury goods and services will also face a 10 percent levy. Taxable items include cars, yachts, airplanes, and helicopters that cost more than 3 million new Taiwan dollars, or about 100 thousand US dollars.

In addition, tortoise shells, coral, ivory, and furniture items exceeding 500-thousand new Taiwan dollars, that's about 17 thousand dollars, will also be taxed at 10 percent. This policy is launched to crack down on the island's overheated housing market and ensure social fairness.