China unveils new tax incentives to revive struggling property sectorThe ministry will expand the eligibility for the 1 per cent deed tax to include apartments up to 140 square metres, up from the previous 90 square metres.
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China unveiled tax incentives to support the ailing property sector, which will take effect from Dec. 1 this year.
Credit: Reuters photo
Beijing: China on Wednesday unveiled tax incentives to support the ailing property sector, which will take effect from Dec. 1 this year, according to a finance ministry statement.
The ministry will expand the eligibility for the 1 per cent deed tax to include apartments up to 140 square metres, up from the previous 90 square metres.
The minimum pre-collection rate for land value-added tax will be reduced by 0.5 percentage points, the statement said.