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Chongqing property consumption tax approved

2010-04-20 18:00 BJT

The loan adjustment for property purchases is only part of the government's curbing measures. Speculation has now moved onto taxation on property ownership.

According to sources from the Ministry of Finance, southwest China's Chongqing city's plan for a special consumption tax has been approved. Local owners of a multitude of properties and luxury housing will be subject to the new levy.

Researcher Sun Gang from the Finance Ministry says the property consumption tax will be tested in cities with sky-high house prices before property tax is introduced as it is much simpler. He also says it will play an important role in curbing speculators by increasing their costs.

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Editor: Yang Jie | Source: CCTV.com