China makes ‘steady progress’ on draft property tax law
- Work has started on the legislation, which will be a major priority of the National People’s Congress
Work on a draft property tax in China is “steadily advancing” and legislation will be submitted for review when conditions are right, senior Chinese parliamentary officials said on Saturday.
China has considered a property tax for more than a decade, with market speculation of its implementation rearing its head every few years.
China will “focus energy” on implementing major legislative items this year including a property tax, the head of the country’s largely rubber-stamp National People’s Congress said on Friday, without giving details.
Liu Junchen, deputy head of NPC Standing Committee’s Legislative Affairs Commission, said on Saturday that work had started on such a law.
“The relevant side is now studying the drafting of the real estate tax law, and relevant work is steadily advancing,” Liu said, without elaborating.
Deputy head of the NPC’s Finance and Economic Committee Uzhitu, an ethnic Mongolian who goes by only one name, added that the tax was being drafted by parliament’s budget committee and the Finance Ministry.