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People's Daily Online>>China Business

Property tax not to bring too heavy burden to ordinary citizens in China

By Yamei Wang (Xinhua)

17:05, March 31, 2012

Xinhua File Photo

BEIJING, March 31 (Xinhua) -- Will property tax in China bring too heavy a burden to its ordinary citizens?

The answer is no, unless if you have many units of houses.

Since 2011, the Chinese government has introduced a slew of measures to curb runaway property prices, including restrictions on second-home purchases, higher down payment, higher loan rates, the construction of low-income housing and the introduction of property tax in a number of places.

Property taxes in fact target those who own high-end houses. And the more houses you possess, the more taxation you have to pay. Those who have only one house under their name do not have to worry about the property tax.

Shanghai and Chongqing are the first two pilot cities to collect property tax at the beginning of last year.

The Ministry of Finance, together with other departments, is working with the municipal governments of Shanghai and Chongqing, to collect information from the year-long trial for future expansions.

Finance Minister Xie Xuren said early in March that China is considering further reforms of property tax and expansion of property tax trials.

The reform will be promoted "actively yet steadily," and property tax trails should be expanded to other cities in the nation "at a proper scale," Xie said at a press conference held on the sidelines of the country's annual parliamentary session.

The promotion of property tax reforms can help restrain irrational home purchase demand and improve income distribution, and the tax trials have been proceeding "smoothly and steadily," said Xie.

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