UNIFORM DEED Fees
The measures, which take effect on December 1, include a reduction of the minimum area for homes that used to be taxed up to 3 %, from 90sq m to 140sq m.
According to CCTV, the next home document tax legislation in Beijing, Shanghai, Guangzhou, and Shenzhen will also be updated to reflect the rest of the nation.
As long as the location is not more than 140 square meters, residents who purchase their single household or subsequent home will be subject to a unified 1 percent document income level.
The lowest pre-collection level for land VAT has been uniformly reduced by 0.5 % across regions, according to other policy reforms.
Additionally, businesses in cities like Beijing, Shanghai, Guangzhou, and Shenzhen that sell houses that have been owned by them for two years or more will be free from VAT.
Ahead of Wednesday’s policy statement, China last month unveiled an ambitious plan to reduce common debt, aiming to convert local governments away from belt-tightening practices that have exacerbated the local downturn.
A proposal to exchange local government-owned hidden debt for recognized loans with more favorable terms for 6 trillion yuan ( US$ 840 billion ) was approved by politicians.
Hidden bills are defined as loans that a government is responsible for but which are not made public by its citizens or other creditors.
This move may free up space for nearby institutions to better grow the business and protect women’s livelihoods, CCTV said.