China To Register Property; Looks To Expand Tax

By Haruna Kobayashi, for ExpatBriefing.com 30 December, 2014

The Chinese Government has announced that it is to roll out a new property registration system from March 2015.

The system is said to have been designed to make property deals more secure, with the information to be held by the Government in confidence. However, the announcement is being seen as a move that will pave the way for an expansion of property taxation in China, as property taxes are currently only levied in Chongqing and Shanghai.

As well as securing information about apartments, the new system is also to cover farms, fields, forests, and maritime areas.

Property owners will be required to disclose information electronically or on paper, and there will be penalties for those who submit incorrect information. The new system will be the responsibility of the Ministry of Land and Resources, and administration will be handled by special departments to be set up by local Governments.

The Ministry will also establish a platform for sharing registration information. However, the Government has said that any leak of data will result in prosecution.

Tags: Tax | Property Tax | China | Penalties | Expats | Investment | Property Investment | Invest | Investment |

 





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