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China speeds up property tax reforms
By Wang Yanlin |
May 31, 2010, Monday
|
Online Edition
Online Edition
CHINA will gradually accelerate property tax reform as part of a general economic plan approved today by China's State Council.
The plan, drafted by the National Development and Reform Commission, China's top economic planner, will reduce monopolies by state-owned enterprises in certain industries, set reasonable prices for natural resources and introduce environmental protection fees.
It also aims at revamping individual and corporate taxation, optimizing the financial regulatory regime, improving the social security net and improving the climate for foreign investment.
"It paints a broad picture of the outlook for China's reform," said Li Maoyu, an analyst at Changjiang Securities Co. "Such a blueprint demonstrates the government's strong will to change, especially in sensitive areas such as the housing market."
The National Development and Reform Commission has just clarified property tax reform. Last week it denied a report which quoted a research fellow with the commission saying China won't introduce a real estate tax for at least three years.
The commission told Xinhua news agency it is working on a plan designed to promote healthy development of China's property market. The plan is part of the 12th Five-Year Plan and will be released in the second half of 2011.
In today's document there was no detail of how the country will gradually accelerate property tax reform.
The plan, drafted by the National Development and Reform Commission, China's top economic planner, will reduce monopolies by state-owned enterprises in certain industries, set reasonable prices for natural resources and introduce environmental protection fees.
It also aims at revamping individual and corporate taxation, optimizing the financial regulatory regime, improving the social security net and improving the climate for foreign investment.
"It paints a broad picture of the outlook for China's reform," said Li Maoyu, an analyst at Changjiang Securities Co. "Such a blueprint demonstrates the government's strong will to change, especially in sensitive areas such as the housing market."
The National Development and Reform Commission has just clarified property tax reform. Last week it denied a report which quoted a research fellow with the commission saying China won't introduce a real estate tax for at least three years.
The commission told Xinhua news agency it is working on a plan designed to promote healthy development of China's property market. The plan is part of the 12th Five-Year Plan and will be released in the second half of 2011.
In today's document there was no detail of how the country will gradually accelerate property tax reform.
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