Pilot property tax to hit some regionsThe top decision-making body of the Chinese parliament, has said it will roll out a pilot real estate tax in some regions.
The State Council, or Cabinet, will determine which regions will be involved and other details, the official Xinhua news agency reported.
But talk of the plan is coming at a sensitive time, as the property market is showing significant signs of stress and home prices have started falling in tens of cities.
The tax will apply to
residential and non-residential property as well as land and property owners, but does not apply to legally owned rural land or where residences are built on it, Xinhua said.
The pilot schemes will last five years from the issue of the details from the State Council.
"Land sales are not a sustainable source of government revenue anymore," Capital Economics said in a note on Friday. "Gradual implementation should also mitigate fears that a tax could cause prices to crash."
Analysts expect a wider pilot to first include wealthier and economically more diversified regions in eastern and southern China such as the provinces of Zhejiang and Guangdong.
Source: The Standard
https://www.thestandard.com.hk/section- ... me-regions
It's all about "how much you made when you were right" & "how little you lost when you were wrong"