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Beijing imposes 20% tax
By Cherry Cao |
April 3, 2013, Wednesday
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Print Edition
Print Edition
BEIJING'S tax authorities became the first in the country yesterday to release detailed measures on implementation of a 20 percent capital gains tax on property sellers.
The Beijing government said a 20 percent capital gains tax on profits from property sales will be imposed if the original value of the house can be verified. Otherwise, a 1 percent transaction tax will be levied on the price of the house.
Owners of budget homes and publicly-owned dwellings who are able to provide official invoices can deduct 15 percent of the renovation costs from the house price before profit is calculated. For other types of homes, owners can deduct interior decoration costs of a maximum 10 percent from the selling price of the house, Beijing's tax bureau said.
The Beijing government said a 20 percent capital gains tax on profits from property sales will be imposed if the original value of the house can be verified. Otherwise, a 1 percent transaction tax will be levied on the price of the house.
Owners of budget homes and publicly-owned dwellings who are able to provide official invoices can deduct 15 percent of the renovation costs from the house price before profit is calculated. For other types of homes, owners can deduct interior decoration costs of a maximum 10 percent from the selling price of the house, Beijing's tax bureau said.
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