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Home-Buying Tax Cut
By Li Xinran |
September 30, 2010, Thursday
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Print Edition
Print Edition
TO help China's rank-and-file home buyers, the transaction tax is being cut in half for buyers of non-luxury homes for use as sole residences.
The tax cut was announced in a circular jointly issued yesterday by finance, taxation and housing ministries.
The circular approved by the State Council, China's Cabinet, also reduces the rate to 1 percent for units of 90 square meters or smaller.
The current transaction tax rate nationwide is between 3 and 5 percent depending on policies of local governments.
The tax cut was announced in a circular jointly issued yesterday by finance, taxation and housing ministries.
The circular approved by the State Council, China's Cabinet, also reduces the rate to 1 percent for units of 90 square meters or smaller.
The current transaction tax rate nationwide is between 3 and 5 percent depending on policies of local governments.
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