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Ministry of Finance plans to actively enforce property tax

China’s Ministry of Finance wants to “actively and steadily” push forward legislation for a property tax, the business portal Caixin reports. So far, China has no ongoing tax on real estate property. Instead, the People’s Republic levies taxes on the construction and transfer of real estate, Caixin said. A property tax could bring in billions of yuans in revenue for provincial governments, according to the report. The introduction of a property tax has been debated since the beginning of the last decade. Fears that such a tax would damage the real estate market have prevented its introduction so far, Caixin reports.

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