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Xinhua Viewpoint: Shanghai Chongqing pilot of property tax reform Taimukaiqi
2011-01-28 00:00:00 Source: Xinhua News Agency
Perspective: Property tax reform Taimukaiqi

Shanghai, Chongqing and the spirit of the State Council executive meeting, the individual housing levy property tax reform, which means that property tax reform in China officially opened the curtain, marking the property taxes on the regulation will play a greater distribution of wealth effect.

pilot cities of the first step towards reform

Su Ming, deputy director of the Finance Division, said.
Throughout our 30 years of reform and opening up process, any major reform has a Although in fairness, norms and international experience, perspective, real estate tax to the individual owners of housing in general taxation, given the historical reasons and realities of the current general tax on personal housing conditions are not ripe.


experts pointed out that property tax reform
lack of property tax system difficult to implement on the basis of form part of the wealth gap - the regulation of the stock of property, once the individual housing levy on the residents property taxes, it means the government can hold out, including income, consumption, property and other part of the implementation of the corresponding tax adjustment means, which is in transition, the critical period for China is critical.
this, Su also pointed out that property taxes in accordance with the provisions of the pilot cities, the small housing area residents will enjoy tax breaks, while the housing area, high value will pay higher taxes. As a result, property taxes will adjust the income gap and become an important means of distribution of wealth, property tax is conducive to narrowing the wealth gap and promote social equity.
response to people looking forward to the pilot program

property tax reform, because with the With Shanghai, Chongqing property tax reform to start, people will eventually give their attention to the reform and what impact? Reform of how to respond to low-income, disadvantaged groups look forward to?
gradually emerges from Shanghai, Chongqing, Reform of the point of view, the people most concerned about housing, property tax is levied or incremental levy on the stock of housing has been answered: There are clearly defined between the two cities housing tax increment based mainly on the housing stock hit less.
this, Qin Hong said: point to the new investors, is conducive to acts of constraints to further expand housing investment. reflect the basic living needs of people and to give full consideration to the special care of disadvantaged groups.

In fact, property tax reform will not only help improve our property tax system, to improve the local tax system in China is equally important.

Financial and Economic Law Research Center of Peking University, said Liu Jianwen, the important role of real estate tax is to adjust the income distribution gap, from the cities to see a reform of revenue collected will be used for the pilot of affordable housing, particularly is a low-cost housing and public rental housing construction and other public services in order to solve the housing difficulties of low-income families and other livelihood issues.
the key supply and demand affect the price

Although the record high prices again and again, people on the regulation of real estate taxes more looking forward to the market, experts have different views.
price accounting point of view, the relationship between property taxes and house prices is not very direct.
for over ten years experience in the property market in terms of rapid development of individual housing levy real estate property taxes will undoubtedly deepen the reform of the housing to guide the rational consumption and investment,Tod's Women's shoes, will play an unprecedented role.
Qin Hong believes that the purchase of real estate property tax is levied every year by Value, both buyers own homes, or investment-oriented buyers, its impact can not be ignored.
thus need to determine a rational manner based on income to buy a house number, buy the size of the house. while the investment-oriented buyers, must re-weigh the cost of ownership and the relationship between future earnings. because of the cost of ownership, future earnings it can cover all the costs to purchase and hold increases the uncertainty, so investors will be more careful.
In fact, the property tax far-reaching impact on the real estate market, also in favor of the promotion of conservation land. Su pointed out that our people will be less, the per capita amount of land tenure, limited property tax in guiding people Lixing buyers, but also help guide the rational use of land resources, thereby promoting long-term health of the real estate market and stable development.
However, the property tax does increase the holding cost homeowners, people worried that this cost will be transferred to house prices and rents. But experts point out that all of the increased ability to pass on these costs, the final transfer will depend on supply and demand in the real estate market, to see if anyone is willing to accept the transfer or the rental price.
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Qin Hong further stated that can not be ignored is that the supply of housing in 2011 will significantly increase the amount of future government regulation and control policy does not relax the housing market, coupled with the effective increase effective supply, house prices rose sharply on the probability of would greatly reduce, if not larger price increase exceeded the increase in the cost of investment property will anything.
Xinhua Viewpoint: Shanghai and Chongqing property tax levy, which signal is passed to the property market?
Xinhua News Agency, Shanghai, January 27 - Property tax plan both finally reveal the real capacity 27. What property tax pilot which signals the release of the property market?
against speculative investment demand

27, issued under the Shanghai The object is: Shanghai residents and over the second set of new family housing options and non-Shanghai residents purchased the family's new house. Shanghai residents also explicitly given to the family tax-free per-capita housing area of 60 square meters to be deducted.
exempt purchase of housing in excess of the new standard part of the area, 80 square meters, subject to required to pay property taxes.
tax rates, Shanghai reflects the (with 2-fold), the tax rate can be temporarily reduced to 0.4%. Last year the average sales price of new commodity housing published annually by the statistics department.
Chongqing as an individual residential property tax reform, announced that beginning from January 28 to the personal real estate property tax. Huang Qifan said Mayor of Chongqing,Tod's Men's Shoes, Chongqing, the main city area stock increment 9 detached villas, newly purchased high-end real estate, foreign real estate speculators purchase second home in Chongqing, will be property tax, which involves 10% of the number of people, mainly for tax the rich group, the rate of 0.5% -1.2%.
Huang Qifan, said property tax reform in Chongqing to take step by step, the first object into the collection housing, including: personal goods owned single-family residential; individuals newly purchased high-end housing, luxury housing is transaction price to the construction area for two years nine districts main city building area of newly built commercial housing turnover average 2 times (with 2-fold) or more housing; in Chongqing City, while no household, no businesses, no new share of individuals working in the second set (including the second set) or more of the ordinary housing. Not included in the scope of taxation of personal high-end housing, several sets of ordinary housing, will be included in the scope of taxation in due course.
negative impact caused by the real estate market will help to curb speculative investment demand, is conducive to stable prices.
This is of great concern to the market. See from the current program, Shanghai, Chongqing and cities of the property tax demand for all types of buyers is
Shanghai's For example, Shanghai residents purchased a home in the new house within one year after the original sale of this unique family housing residents, their homes have been newly purchased property tax levy shall be calculated, may be refunded; Shanghai resident adult children of the family After marriage, due to new share housing needs for the first time, and the adult children of the family housing is the only housing is temporarily exempt from property tax.
Shanghai housing security and the Housing Authority Liu Haisheng, said: % of the population, mainly for high-end property owners and real estate speculators, the purchase will not increase the burden on ordinary people. At the same time, to reduce the burden on first home buyers, the implementation of Chongqing to retain mortgage loans first time home buyers a tax deductible financial subsidy policy to ensure that people rigid housing demand.
additional funds Currently in Shanghai, Chongqing, the pilot phase, the scale of property tax revenue is more limited. However, as taxed, the tax rate and the adjustment of the region, expansion, real estate tax will become a very significant place, How to avoid becoming a place of
China Tax Society, Shanghai University of Finance and Professor Wu Yi Jian said that in many countries, high real estate prices, taxes and more funding for education and law and order more, taxpayers directly benefit from it. China, including property taxes, including property taxes and other tax purposes, there is no difference,Tod's Shoes, no real property taxes paid by a taxpayer feel the property tax benefit, mobilize the enthusiasm of the taxpayer, and feel the need to pay taxes.
relevant State Council departments said that the distribution of income in order to fully reflect the policy objectives of regulation, reform of revenue collected will be used for affordable housing, especially low-rent housing and public rental housing construction, in order to solve the low-income livelihood issues such as family housing difficulties. From the current Shanghai and Chongqing to publish the details of the watch, real estate taxes for the protection of housing construction intentions are very clear.


Source: Xinhua