Beijing Scraps Land-use Tax Cuts for Foreign Investors

Home>>Business

Last updated at: (Beijing Time) Tuesday, September 03, 2002

Beijing Scraps Land-use Tax Cuts for Foreign Investors

The Beijing city government has revised its policies that have until now allowed overseas investors to enjoy exemption or reduction on land-use tax.

DISCUSSION

CHINESE

SEND TO FRIEND

The Beijing city government has revised its policies that have until now allowed overseas investors to enjoy exemption or reduction on land-use tax.

The Chinese capital is getting in line with a national law requiring that local laws or regulations regarding foreign trade and economic cooperation abide by national laws and regulations, the city government said Sunday.

Beginning this year, the city's local taxation bureau will collect fees on land-use rights from foreign companies by October 20 every year.

Through an improved investment environment, foreign companies will be able to get greater returns from their investments in Beijing, said a local official.

China tightens rules on land use

The Chinese Ministry of Supervision and the Ministry of Land and Resources issued a joint circular Monday as part of their fight against corruption involving the transfer of land-use rights.

The circular says that all transactions on land-use rights for profit, such as tourism, recreation and real-estate development, should be carried out through a public listing, bidding or auction.

"The practice is compulsory when more than two parties express an interest for the land-use right," says the circular.

Information on the land in question should be published early enough so that as many potentially interested parties as possible can compete fairly. The base price should be kept secret for the sake of fair competition.

"Government officials found having improperly disclosed the base price should be subject to administrative or criminal punishment," the circular says.

A national inspection is due at the end of this year on the implementation of the circular.

Questions?Comments? Click here

Beijing Sells off Land-use Rights for Low-income Housing

Highly Concerning China, US Plans to Deploy New Fighters in Guam ( 5 Messages)

Japanese Court Dismisses Germ Warfare Victims' Damages Claim ( 3 Messages)

China Plans to Stop the Overeas Flight of Corrupt Officials ( 14 Messages)

China's Exports Hit Record of US$56.2 Billion in July ( 96 Messages)

Old Chinese Beaten by NY Police, Triggers off Big Clash ( 47 Messages)