China: new tax on the immovable property?
To react on the way up real estate prices the year China, the municipality of Chongqing, in the southwest of the country, is going to set up a tax on the property. Planned the first quarter of this year, it is going to concern the commercial housing top of the range during the 12th Five year plan, that is from 2011 till 2015, without real precision on the date of its application, on the methods of collection by the municipality or on the definition of the category "top of the range". The local governments of the numerous Chinese cities such as Beijing and Shanghai also study the project to impose a tax on the real estate to control the prices which increase very quickly. |
