Nationwide property tax mulled for houses and land

The China Daily is reporting the Chinese government is likely to introduce a nationwide property tax as early as next year.

The newspaper is citing an unnamed official from the National People's Congress as saying the top legislature is drafting a property tax law to be imposed in 2015.

The source is suggesting that unlike the property tax trials in Chongqing and Shanghai, where the property tax is levied on houses only, the planned national property tax will target houses and land.

The source also suggests "the method of taxation is still under discussion and is subject to change."