China’s Nationwide Property Tax Plan Set for Further Delay

00:00

00:00/00:00

Listen to this article 1x

The downturn in China’s housing market has scuppered the likelihood that a property tax will be implemented nationwide in the next five years even though many cash-strapped local governments need a new regular source of revenue. Photo: IC Photo

The Chinese government’s long-awaited rollout of a controversial property tax looks set to be delayed yet again, as a law that would provide a legal basis for the levy is missing from the latest legislative program of the National People’s Congress (NPC) published last week.

The agenda, released by the state-run Xinhua News Agency, is a five-year work plan for the standing committee of the NPC, China’s top legislative body. It lists 130 laws and amendments that are in the works, including a financial stability law, along with a number of areas the committee will study for future legislation, including the regulation of non-tax fiscal income and government debt.