A Property Tax is Coming ... But Not as We Know It Published: 2010-05-01
By
Xi SiAccording to information obtained by The Economic Observer, an annual tax on the property assets of Chinese property owners will be piloted in four of China's largest cities this year, but the tax will be different from the property tax that many first anticipated.
Instead, it's been revealed that the central government plans to trial a real estate tax (房产税), in the cities of Beijing, Shanghai, Chongqing and Shenzhen within the year.
After the tax has been piloted in these four cities, it will be applied on a national scale.
The real estate tax was previously only imposed on properties being operated on a commercial basis and not on owner-occupied residences. Now it seems likely that residential properties?that meet certain, as yet unspecified, conditions?will also be subject to the tax.
.....(cont'd)