China Nationwide Property Tax

[admin]

Currently, there is a proposal given by the authorities that even just 1% of it, the future tax payments will be equivalent to 20-40%of a property's value today, given the standard 70 years terms of property rights in China. More importantly, the current property market price is lower than before, will it cause additional pressure that is too much on the sector?

The US Federal Reserve earlier this month that China's troubled property sector could post "some risks" to the American financial system, pointing to the recent concerns surrounding Evergrande, while the Chinese government has shown little interest in bailing it out.

Living with home truths. 24 November 2021. South China Morning Post.

[Ko Chi Kit]

中國全國人大常委會11月22日通過授權國務院在部分地區展開房地產稅改革試點工作，徵稅對象包括居住用、非居住用等各類物業，不含農村宅基地。試點期限為五年。中國推動共同富裕，房地產稅改試點是當中一項重要工作，房地產圈的暴富時代有可能過去了。

目前試點期限為五年，自試點辦法印發之日起算。試點過程中，國務院應當及時總結試點經驗，在授權期限屆滿的六個月以前，向全國人大會常委員會報告試點情況，需要繼續授權的，可以提出相關意見，由全國人大常委員會決定。條件成熟時，及時制定法律。