China will give local governments autonomy to decide on the actual rate of a pro...
BEIJING - China will give local governments autonomy to decide on the actual rate of a property tax to minimize its potential impact on housing prices, a senior Chinese lawmaker was quoted by state media as saying on Thursday.
Work on a draft property tax in China is “steadily advancing”, senior Chinese parliamentary officials said last week during the country’s annual parliament meeting. Ying Zhongqing, deputy director of the financial and economic affairs committee at the National People’s Congress, the country’s legislature, said the central government will set a few tax rate brackets for local governments to choose from.“Property tax is a local tax ... So when it is introduced, local governments should have a large degree of autonomy regarding to when it is levied and at what rate,” Yin told the 21st Century Business Herald in an interview.
“Whoever has a larger house will pay more taxes, and whoever lives in the major cities, or in central areas in a city will pay more taxes,” he said, adding the tax-free threshold could be set at 40 to 60 square meters per person.
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