A draft of China’s long-awaited property tax law is being completed and will be filed for preliminary review by legislators “when conditions are ripe,” a senior lawmaker said on Saturday, another sign the legislation might be gaining momentum, reported Caixin.
The law is being formulated by the Budgetary Affairs Committee of the National People’s Congress (NPC) and the Ministry of Finance, said Wu Ritu, vice chairperson of the legislature’s Financial and Economic Affairs Committee.
According to a five-year legislation plan released by the parliament several months ago, the property tax law is one of the 69 bills the NPC aims to review by 2023.
Premier Li Keqiang’s annual report to the NPC also vowed to “steadily push forward property tax legislation.”
The law would pave the way for the imposition of a property tax nationwide, something that has been discussed for many years.