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Expansion of property tax trial mulled
By Cao Qian |
May 25, 2013, Saturday
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Print Edition
Print Edition
CHINA is considering expanding a property tax trial to more cities at an appropriate time with "concrete measures" being taken this year, Xinhua news agency reported yesterday, citing an unidentified official with the National Development and Reform Commission, the country's top economic planner.
According to the central government's website, the Ministry of Finance, State Administration of Taxation, Ministry of Housing and Urban-Rural Development and other departments will be responsible for the expansion program.
The government has repeatedly pledged more tightening measures in the housing market in light of higher-than-expected price rises in some cities.
In February, the State Council called for strict implementation of existing rein-in policies and measures, including expanding the property tax trial.
"From some recent signals sent by the central government, I assume there are very high chances that the property tax pilot scheme will be expanded to more cities this year," Yang Hongxu, vice director at E-House China R&D Institute, a property service provider and research body, wrote on his blog. "A nationwide implementation of the tax, however, should be rather impossible by either next year or 2015."
Property tax trials were first unveiled in January 2011 in Shanghai and Chongqing.
Shanghai imposes a tax rate of 0.4 percent or 0.6 percent, depending on price, on taxable houses while giving an exemption of 60 square meters per person for every registered household.
About 50,000 houses in the city have been defined as taxable properties since the trial began, the local taxation bureau said in November.
According to the central government's website, the Ministry of Finance, State Administration of Taxation, Ministry of Housing and Urban-Rural Development and other departments will be responsible for the expansion program.
The government has repeatedly pledged more tightening measures in the housing market in light of higher-than-expected price rises in some cities.
In February, the State Council called for strict implementation of existing rein-in policies and measures, including expanding the property tax trial.
"From some recent signals sent by the central government, I assume there are very high chances that the property tax pilot scheme will be expanded to more cities this year," Yang Hongxu, vice director at E-House China R&D Institute, a property service provider and research body, wrote on his blog. "A nationwide implementation of the tax, however, should be rather impossible by either next year or 2015."
Property tax trials were first unveiled in January 2011 in Shanghai and Chongqing.
Shanghai imposes a tax rate of 0.4 percent or 0.6 percent, depending on price, on taxable houses while giving an exemption of 60 square meters per person for every registered household.
About 50,000 houses in the city have been defined as taxable properties since the trial began, the local taxation bureau said in November.
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