China makes progress on draft property tax law
March 12, 2019 Category China News Round-up, Weekly
Work on a draft property tax law in China is “steadily advancing” and legislation will be submitted for review when conditions are right, senior Chinese lawmakers said. China has considered a property tax for more than a decade, with market speculation of its implementation rearing its head every few years. Liu Junchen, Deputy Director of the NPC Standing Committee’s Legislative Affairs Commission, said that work had started on such a law, without elaborating further. The tax law is being drafted by the NPC’s Budget Committee and the Ministry of Finance.
The idea of a property tax has met with resistance from stakeholders, including local governments that rely heavily on land sales as a key source of financing. Pilot property tax schemes were introduced in cities such as Shanghai and Chongqing, but slow progress to roll it out nationwide drew criticism as home prices continued to rise.
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