China

China Increasing Property Taxes Nationwide

Country trying to curb its own housing bubble.

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China is preparing for harsher property taxes across the country following an initiative plan in Shanghai and Chongqing, with tax governors from across the country under a six-month training program to prepare for the roll-out of new policies.

Officials in more than 30 provinces, autonomous regions, and municipalities are attending their first period of training program to assess tax base, which is organized by the State Administration of Taxation and the public administration school with Renmin University of China, the Economic Information Daily reported.

The proposed new property tax may cover not only the newly built houses, but the existing room, the official newspaper said, quoting an unnamed tutor of the class.