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The National People’s Congress Standing Committee decided to carry out the pilot program of property tax reform in some areas on 23 October 2021.

Period:

Five years. It shall go into effect as of the date of promulgation, and the start time of the pilot program shall be determined by the State Council.

Aims:

1) to advance the property tax legislation and reform in an active and prudent way；

2) guide the rational housing consumption and the economical and intensive use of land resources；

3) facilitate the steady and sound development of the country’s property market.

Object of taxation:

All types of residential and non-residential property in pilot areas, lawfully-owned rural homesteads and houses built on them are excluded. Non-residential property shall continue to be implemented in accordance with the Interim Regulations of the people’s Republic of China on real estate tax and the Interim Regulations of the people’s Republic of China on urban land use tax.

Taxpayer:

The holders of land-use rights and house owner.