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Property tax added to legislation plan
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China’s top legislature said yesterday that it has included a property tax law in its legislation plan.
“Conditions to enact these laws are ripe, and the 12th NPC plans to review them within its tenure,” which ends in early 2018, the Standing Committee of the National People’s Congress said on its website.
“According to the NPC plan, the property tax law will probably be passed by the end of 2017,” said Shi Zhengwen, a professor of fiscal and financial law at the China University of Political Science and Law.
No official timetable has been set for the implementation of a property tax.
The legislation will involve separate taxes for homeowners and developers. Pilot property tax schemes were launched in 2011 in Shanghai and Chongqing, but were not extended due to a lack of legal backing.
“Property taxes can help to curb speculation and increase revenue for cash-strapped local governments,” said Ni Pengfei of the Chinese Academy of Social Sciences.
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