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People's Daily Online>>China Business

Property tax trials set for more cities

By Richard Fu (Shanghai Daily)

08:26, March 23, 2012

CHINA will extend a property tax trial to more cities at an "appropriate time" this year and deepen resource tax reform, its top planning body said yesterday as the nation moves toward a more market-based economy.

The property tax, currently in operation in Shanghai and Chongqing, is aimed at curbing soaring housing prices.

When it rolled out the levy early last year, the Ministry of Finance said all provinces would adopt the tax "when conditions are ripe."

The National Development and Reform Commission announcement underscores China's push for further reform of taxes, prices, currency, the financial industry and income distribution, among others.

Vice Premier Li Keqiang said at the weekend that China could not delay tough economic reforms as the nation had reached a crucial point in changing its growth mode, with the aim of keeping economic growth relatively fast and prices basically stable.

The commission also said that China would advance reform in resource tax in more areas and on more products.

This will include a change in the tax mode from a volume-based levy to a tax based on sales price, which will increase the burden on mining companies as commodity prices have soared over the past few years.

The commission also said it will study levying a consumption tax on certain products which consume large amounts of resources and pollute the environment during production.

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