The State Council in China plans to expand the scope of tax reform experiments on real estate to include more regions, and begin imposing taxes on owners of residential real estate, according to the China News Service (CNS).
The plan, approved by the Standing Committee of the National People's Congress, China's highest legislature, is designed to guide real estate purchases in a rational manner and will last for five years, according to the report, as reported by the East China Morning Post.
The locations and number of areas where tax reform experiments will be carried out have not been determined.
The price crisis
Property prices in China have risen to unmanageable levels since private home ownership was legalized in 1998, and the government has waged an ongoing battle to control speculators.
The Chinese real estate sector shrinks for the first time since the outbreak of \u201cCorona\u201d
Authorities began imposing property taxes in 2011 in Shanghai and Chongqing, and imposed annual fees on second homes or high-priced properties.
Homes owned by individuals are currently not subject to taxes under a law implemented in 1986, while commercial properties are subject to an annual tax.
Local governments have mainly generated revenue from real estate development companies through land sales, with a total of 8.4 trillion yuan (1.3 trillion dollars) collected last year.
New home prices in China fell for the first time in six years and sales declined by 16.9 percent in September on a year-over-year basis, as the country\u2019s second-largest property development company, Evergrande Group, faced a debt crisis, leading to a slowdown in the real estate sector across the country.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>China's State Council plans to expand real estate tax reform experiments to more regions and start taxing residential property owners, Xinhua reported. The plan, approved by the Standing Committee of the National People's Congress (NPC), China's top legislature, is designed to guide rational real estate purchase and will continue ... 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