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The proposed property tax law is now being debated.
Drafting of the law is expected to be wrapped up by 2016. If all goes ahead as planned, relavent taxes will be implemented1 in 2017.
A national political advisor2 and deputy minister with the Ministry3 of Finance, Zhu Guangyao, says the legislation is undergoing a period of review.
"The State Council is paying much attention to this issue. In years past, Shanghai and Chongqing have been pilot cities for the levying4 of a property tax. Led by the People's Congress and ministry of finance, the property tax is now under a prudent5 research process. And we need to fully6 listen to what the people have to say about it."
中国房产税立法进行中
In 2011, China launched property taxes in Shanghai and Chongqing on a trial basis to tighten7 property market control.
It was expected that the trials would be expanded to cover more regions, but the expansion was postponed8 due to the lack of legal basis.
Based on the pilot program in Shanghai and Chongqing, the property tax is likely to exempt9 a person or family's first house, and the tax could be higher in first and second tier cities and lower in smaller cities in the country.
With the new property registration10 regulation taking effect earlier this month, property tax becomes a concern for those people who owns more than one house.
The question is whether the registration plan will restrain investment or drive up prices.
National political advisor, and former head of the research institute of the Ministry of Finance, Jia Kang.
"I don't believe that the legislation and national implementation11 of property tax will lead to a stable or even downward trend in the property market. The function of the law is to control the rise of housing prices, making sure they do not increase too sharply."
Property tax is concerned with problems relating to finances at the local government level. Officials are also concerned about the impact such taxes have on people's lives.
For CRI, I am Min Rui
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1
implemented
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v.实现( implement的过去式和过去分词 );执行;贯彻;使生效 | |
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2
advisor
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n.顾问,指导老师,劝告者 | |
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3
ministry
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n.(政府的)部;牧师 | |
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4
levying
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征(兵)( levy的现在分词 ); 索取; 发动(战争); 征税 | |
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5
prudent
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adj.谨慎的,有远见的,精打细算的 | |
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6
fully
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adv.完全地,全部地,彻底地;充分地 | |
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7
tighten
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v.(使)变紧;(使)绷紧 | |
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8
postponed
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vt.& vi.延期,缓办,(使)延迟vt.把…放在次要地位;[语]把…放在后面(或句尾)vi.(疟疾等)延缓发作(或复发) | |
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9
exempt
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adj.免除的;v.使免除;n.免税者,被免除义务者 | |
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10
registration
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n.登记,注册,挂号 | |
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11
implementation
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n.实施,贯彻 | |
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