Personal property tax to be phased in

15:05, December 03, 2010      

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China will steadily promote housing property tax reform during the 12th Five-Year Plan period, Zhou Chuanhua, director of the General Office of the Tax Department under the Ministry of Finance, said on Dec. 2. The housing property tax will become an important and stable source of revenue for local governments, and personal property will also be gradually included into the scope of taxation.

Zhou said that the main task of value-added tax reform during the 12th Five-Year Plan period is to add industries levied with business tax into the scope of the value-added tax to solve the problem of double taxation.

Zhou also said that the resource tax may become an important source of tax revenue for local governments. Xinjiang Uyghur Autonomous Region first implemented the resource tax reform in June 2010. It transferred natural gas from the scope of specific duty to the scope of ad valorem duty, which is based on the assessed value, and the new tax policy is currently running smoothly.

The resource tax reform will be promoted nationwide during the 12th Five-Year Plan period and in addition to natural gas and crude oil, sources such as coal and water will also be included in the scope of the resource tax.

By People's Daily Online

(Editor:祁澍文)

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