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Shenzhen imposes land VAT to cool market
Latest Updated by 2005-11-07 11:41:50
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Shenzhen's local taxation bureau has started collecting value-added tax (VAT) for land from this month, a source with the bureau said Friday.

Under the new taxation policy, real estate developers are required to pay land VAT each month for property sales. They are required to pay the tax in advance during the property development, and the actual tax amounts will be decided after the houses are sold.

For the transfer of luxury homes like villas, resort homes and hotel-style apartments, a land VAT of 1 percent of the sale price is payable by developers. For other types of property, the tax rate is 0.5 percent.

The land VAT is not applicable to individuals who sell flats not categorized as luxury homes.

When an individual transfers a luxury home after more than five years of use, the land VAT can be exempted.

If the transfer happens after more than three years, but before five years, half the tax will be collected.

Analysts say the tax is aimed at cooling down the red hot luxury home market in Shenzhen, which has attracted a large number of speculators from East China.

Editor: Yan

By: Source: Szdaily web edition
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