1. Text: | Print|

      China advances property tax reforms amid slowdown

      2014-08-11 07:59 Xinhua Web Editor: Qin Dexing
      1

      The cooling of China's property market is likely to encourage authorities to speed up property tax reforms, which many believe will play a key role in putting the sector back on track.

      A legislation plan to establish a property sector taxation system will be submitted to the Standing Committee of the National People's Congress, China's top legislature, later this year, Jia Kang, director of the Research Institute for Fiscal Science under China's Ministry of Finance, said at a forum on Friday.

      Given the progress, the country is likely to complete the legislation process for the taxation system by the end of 2016, and related taxes will be implemented in 2017, Jia said.

      The absence of such a system has enabled many Chinese to capitalize on the country's over-heated property market, making it a major source of public complaints over recent years.

      Believing that there is not much room for a sharp appreciation amid the current market downturn, Zhao Zhengguo (not his real name) has this year sold two of several apartments he owned in Beijing in order to secure cash.

      "It will not be long before the property tax spreads over the country. The tax itself is not a problem, but it will make housing less reliable as an investment choice," said Zhao, who rose from a wage earner to a billionaire thanks to his housing investment.

      China launched property taxes in Shanghai and Chongqing on a trial basis in 2011 to tighten its property market control. It was expected that the trials would be expanded to cover more regions, but the expansion was postponed due to the lack of legal basis.

      However, in a reform plan approved by the Third Plenary Session of the 18th Communist Party of China Central Committee last year, the country vowed to accelerate the legislation of taxes in the property sector.

      This will involve a basket of tax reforms, including a real estate tax levied on homeowners and a land tax on property developers, said Zhuang Jian, a senior economist at the Asian Development Bank.

      Unlike the private land ownership system practiced in western countries, individuals can only possess land use rights in China, where land is either state-owned or collectively-owned. This has added to the difficulties for the legislation work, according to Zhuang.

      With a real estate tax, a homeowner has to pay taxes in proportion to the monetary value of their housing at a certain tax rate each year. In China, taxes are currently imposed only when a housing transaction takes place, which makes it easier for speculation.

      While hailing the role of the Shanghai and Chongqing trials in changing public expectations and increasing social consensus for property tax reforms, Jia said the trials will also provide valuable experience for the reforms.

      Despite the trials, debates have been going on over whether the tax package can really help regulate the market. Some worry that it will become a new burden for the country's already-suffering home-buyers.

      Shen Jianguang, chief economist at Mizuho Securities, said that as a way to make up for the deficiency of the market mechanism, a properly designed tax system will effectively reduce speculation and help contain rapid price gains.

      Authorities have so far refrained from introducing fresh administrative measures since the new leadership took office last year, reflecting an intent to let market forces correct the market.

      Zhu Zhongyi, vice president of the China Real Estate Industry Association, said the current market slowdown provides an opportunity for the government to advance property market reforms.

      Oversupply, lending difficulties and the bearish sentiment of home-buyers has weighed on the country' s property market. More Chinese cities posted month-on-month home price drops in the first half of 2014, and property investment growth has also slowed.

      A draft regulation on the establishment of a real estate registration mechanism, which was submitted for discussion at a State Council meeting last month, is expected to be published to solicit public opinions soon.

      The mechanism, together with a system to record individuals' housing ownership, is poised to pave the way for legislation of the tax package.

      Comments (0)
      Most popular in 24h
        Archived Content
      Media partners:

      Copyright ©1999-2018 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 亚洲精品一级无码鲁丝片| 亚洲AV无码乱码在线观看| 最新亚洲精品国偷自产在线| 久草在视频免费福利| 亚洲AV无码成人精品区日韩| 亚洲精品一级无码中文字幕| 69xx免费观看视频| 爱情岛论坛亚洲品质自拍视频网站| 亚洲乳大丰满中文字幕| 16女性下面无遮挡免费| 爱情岛亚洲论坛在线观看| 亚洲AV色香蕉一区二区| 国产色婷婷精品免费视频| 久久毛片免费看一区二区三区| 91亚洲国产在人线播放午夜| 四只虎免费永久观看| 91视频免费网址| 一级特级女人18毛片免费视频 | 亚洲成a人片在线观看播放| 国产真实伦在线视频免费观看| 成全视频免费观看在线看| 中国亚洲呦女专区| 无码乱人伦一区二区亚洲| 国产又长又粗又爽免费视频| 91青青国产在线观看免费| jzzjzz免费观看大片免费| 亚洲一区AV无码少妇电影| 亚洲av日韩av不卡在线观看| 国产人妖ts在线观看免费视频| 97视频免费观看2区| 国产成人无码免费看片软件 | 亚洲一线产品二线产品| 亚洲人成在线电影| 亚洲自偷自偷图片| 国产一级大片免费看| 歪歪漫画在线观看官网免费阅读| a级毛片免费全部播放无码| 免费无码午夜福利片| 最新亚洲春色Av无码专区| 亚洲婷婷综合色高清在线| 亚洲精品成人片在线播放|