China has flagged the imminent launch of trial reforms of the country’s real estate tax regime.
A meeting of the Standing Committee of China’s 13th National People’s Congress (NPC) held on 23 October passed a resolution authorising the State Council to commence real estate tax reform trial work in certain parts of the country.
The resolution highlighted three areas of reform work including:
- The drafting of detailed measures by the State Council for real estate tax reform trials, and the formulation of detailed implementation rules by regional governments.
- The addition of residential property as the object of real estate tax levies.
- An authorised trial period of five years starting from the date that State Council trial measures are officially issued.