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China Adjusts Home Ownership Transfer Taxes

Time:2017-07-08 20:48:01Source:Click:

China released a circular on home ownership transfer tax. Individuals transferring the ownership of their non-common houses which have been purchased for five years or more, or the ownership of their common houses which have been purchased for less than five years, only need to pay business tax on the balance between the selling price and the original purchase price. Individuals who have owned their common house for more than five years and are transferring the ownership will be exempt from business tax. The new taxes take effect from January 1, 2010.