The Chinese government’s long-awaited rollout of a controversial property tax looks set to be delayed yet again, as a law that would provide a legal basis for the levy is missing from the latest legislative program of the National People’s Congress (NPC) published last week, reports Caixin. The agenda, released by the state-run Xinhua News Agency, is a five-year work plan for the standing committee of the NPC, China’s top legislative body. It lists 130 laws and amendments that are in the works, including a financial stability law, along with a number of areas the committee will study for future legislation, including the regulation of nontax fiscal income and government debt.
The omission of a property tax law from the program indicates that China is unlikely to start fully levying homeowners any time soon, despite local governments’ urgent need to raise tax revenue after their finances were hit by a downturn in the property market and the cost of funding strict COVID controls for almost three years.
Governments at different levels are now working to encourage people to buy homes and restore confidence in a property market that has been stuck in a slump for more than two years.
You must log in to post a comment.