China's top legislature has included the Property Tax Law in a legislation plan released this week. (Photo/Chinanews.com)
(ECNS) – China's top legislature may pass a property tax law as early as 2017, with experts suggesting that a per capita housing area of 60 square meters or below be granted a tax exemption.
The country's top legislature has included the Property Tax Law in a legislation plan released this week.
Liu Jianwen, a law professor at Peking University, told China News Service that there are a large variety of taxes related to the property industry. However, most of them were enacted before China began major housing reform in 1998, and are no longer suited to China's fast changing property market.
Liu expects the law to be approved or at least submitted for readings by legislators in 2017.
Shi Zhengwen, a professor with the China University of Political Science and Law, believes the law "is very likely to be approved in the next two or three years."
Shi said there should be a threshold for levying the tax. He suggested a per capita tax-free area of 60 square meters at most, to ensure that the majority of households do not have to pay the property tax on their first or only home.