Na­tional tax on houses, land ex­pected next year

China Daily (Canada) - - NEWSCAPSULE -

China’s top leg­is­la­ture, the Na­tional Peo­ple’s Congress (NPC), is draft­ing a prop­erty tax law for houses and land and is ex­pected to be im­posed in 2015, said an of­fi­cial from the NPC, who asked for anonymity due to the sen­si­tiv­ity of the is­sue.

The tax rate has not been de­cided, nor is whether the tax will be levied on new prop­er­ties or on prop­er­ties al­ready owned. The tax will com­bine sev­eral ex­ist­ing taxes, in­clud­ing a land tax on prop­erty de­vel­op­ers, a tax for oc­cu­py­ing arable land and a tax for house trans­ac­tions.

China started to levy prop­erty taxes in Chongqing and Shang­hai in 2011 as pilot pro­jects. In Shang­hai, a house of more than 60 square me­ters per per­son, it will be taxed at a rate of 0.4 per­cent to 0.6 per­cent of the to­tal prop­erty price an­nu­ally. (Photo 2)

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