Business / Property tax expansion

Adoption of national property tax possible

By Wei Tian ( Updated: 2012-08-07 20:49

The State Administration of Taxation is organizing training sessions to teach its staff about a local property tax system, a step many experts are saying is meant to further expand the collection of property taxes in the country.

More than 70 people from local tax bureaus are receiving the training at the Renmin University of China in Beijing, according to an announcement from the China Real Estate Valuers Association .

The training is meant to help people assess the value of properties. It will also help form stronger ties between the students in the training and real estate appraisal agencies, according to the statement.

Two trials of property taxes are now occurring in Shanghai and Chongqing. Such taxes are now only collected on newly purchased properties and high-end villas.

Wang Chaocai, deputy head of the fiscal sciences research center affiliated to the Ministry of Finance, said a national property tax is not likely to be introduced before March 2013.

"The biggest task for government at the moment is to guarantee a steady transition," he said.

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