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Today’s Top Headlines

China Rules Out Near-Term Property Tax Changes

by Mary Swire,, Hong Kong

09 March 2017

The Chinese Government does not plan to extend the property tax scheme piloted in Shanghai and Chongqing nationwide over the coming year, but such a move may be under consideration over the longer term, it has emerged.

Speaking to the media on March 4, spokeswoman for the fifth session of the 12th National People's Congress, Fu Ying revealed that despite concerns that booming real estate prices in certain cities could lead to the market overheating, no plans had been advanced to amend the tax treatment of property on a wider scale.

"As far as I know, there are no plans for the NPC to deliberate on a draft property tax bill this year," she was quoted as observing.

Observers have suggested that behind the decision is strong resistance from local authorities to a property tax as well as a disinclination to rock the economic boat during a year that will see a reshuffle of the Chinese Communist Party (CCP) leadership.

However, moves towards the introduction of a nationwide property levy have been flagged up by the Chinese authorities as a priority, and have reportedly been included in the NPC's five-year plan.

TAGS: tax | property tax | real-estate | China

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