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China: property tax reform

Real Estate in China

Chinese minister of finance Lou Jiwei pointed out that the prioritet of the next tax government will be go into force long time waited local and rigional property tax.

State Council of China claimed about approving a new property tax in the structure of his financial plans of economic politic claimed in March of this year. This frames as expect, will be differ in different cities and towns depend on conditions.

This announce was claimed after long time break in government plans to extand tax schemes on property, which acting in Shanghai and Chongqing, which first was set up in 2011 year. First created to keep the rising of Chinese price on property will under control, shemes prevented to some extant with absent of concrate system of property registration.

In spite of the fact that the market of property in country stay more weak, the government still think that the change of property tax can support income of local governemnt. However, speaking on the last G20 the minister of finance and directors of banks also pointed out that the desidion will long several time and at the same time collecting the information about property, draft reform and legislation in large part can’t provide in the next year and need to wait untill 2018 year.

Existing property tax in China is differ because it can be tax on with differ rates according to local government. Now they include property tax in cities and towns, a city maintenance and construction tax, a land appreciation tax, and a house property tax.

Author: Olena Kutova
senior lawyer of the Finance Business Service company