It's not yet time for China to reduce or stop policy support for the nation's real estate industry, said Li Fuan, an official with the China Banking Regulatory Commission.
China set minimum rates for pre-paid land taxes with higher rates for eastern regions and lower rates for western regions, the State Administration of Taxation said in a statement on its website.
China's central government is considering selecting two cities from Hunan and Hubei provinces, respectively, for a pilot program for property tax collection on commercial real estate, China Securities Journal reported recently.
The government has signaled that it will "gradually" levy tax on holding of property.
China will further reform its taxation system in 2010, including plan to draft and release new guidelines on resource tax reform and a gradual implementation of property tax reform, according to a statement posted on the government's website.
China's State Council approved the National Development and Reform Commission's gradual property tax reform as part of a general economic reform plan announced last month, according to a statement on the Chinese government website today.
The draft of Shanghai's property tax plan has been sent for approval by central government, the China Securities Journal reported Friday.
Authorities are working on detailed rules to cool down the property market in Shanghai, which will be more strict than central government policies, a municipal government official said.
China will collect house- and land-price appreciation taxes more "strictly" after the government released more-detailed tax rules Wednesday, the Shanghai Securities News reported Thursday.
China's State Administration of Taxation will tighten collection of a value-added land tax, according to a statement on its website.
The China Insurance Regulatory Commission (CIRC) will loosen the limits on investments by insurance companies in stocks and bonds, but may be cautious on permitting property investments, a CIRC official said on Wednesday.
The Ministry of Land and Resources said it will survey the cost structure of residential property as part of its annual investigation of land prices.
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