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More cities to tax homes?
By Louise Ho |
March 7, 2012, Wednesday
|
Print Edition
Print Edition
CHINA may expand property tax trials now under way in Shanghai and Chongqing, Minister of Finance Xie Xuren said yesterday in Beijing.
"From the current situation, the progress of the pilot projects in Shanghai and Chongqing are relatively smooth," Xie said.
"Advancing the property tax trials can guide housing demand to a reasonable level and help regulate income distribution."
He said financial and taxation authorities were reviewing the experience of Shanghai and Chongqing to study how to further implement the projects.
Xie didn't say which cities the trial would be extended to but, asked if they would include Beijing, said that possibility was being studied.
Whether China should implement a property tax has triggered much debate. While it is generally believed the government's intention was to cool the housing market, some academics see it more as a stable source of income.
Li Daokui, an adviser to the People's Bank of China, said a property tax should be unveiled as it could provide revenue for local governments.
"From the current situation, the progress of the pilot projects in Shanghai and Chongqing are relatively smooth," Xie said.
"Advancing the property tax trials can guide housing demand to a reasonable level and help regulate income distribution."
He said financial and taxation authorities were reviewing the experience of Shanghai and Chongqing to study how to further implement the projects.
Xie didn't say which cities the trial would be extended to but, asked if they would include Beijing, said that possibility was being studied.
Whether China should implement a property tax has triggered much debate. While it is generally believed the government's intention was to cool the housing market, some academics see it more as a stable source of income.
Li Daokui, an adviser to the People's Bank of China, said a property tax should be unveiled as it could provide revenue for local governments.
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