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1% high-end property tax to be imposed  
Chongqing 12 January 2011

According to official news reports, Chongqing Municipal Government is going to impose property tax on high-end commercial residential houses. The tax rate is reported to be 1%, aiming at adjusting the current housing market structure in Chongqing.

Chongqing mayor Huang Qifan told media that villas and houses over 200 m² or 3 times more expensive than the average of main districts would be taxed. Houses purchased after the new policy would be taxed first, followed by houses owned before based on specific situation.

Heated debates have arisen around the necessity and effectiveness of this new tax policy, the first of its kind in China.
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Disclaimer: CQExpat does not garantee the reliability of the news sources, nor the timeliness of the news itself. We provide the translation of the news story because we think it is important or noteworthy.

By webmaster (Male. Australia)
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Date: 12 Jan 11    Views: 154    Comments:           

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