The central government of China will likely begin levying a long-awaited real estate tax in the first half of next year at the earliest, said a government researcher.
Jia Kang, director of the Research Institute of Fiscal Science, was also quoted by the official China Securities Journal as saying that first time homeowners would be exempted from the tax.
Talks about a property tax have been swirling for several years, a major factor weighing on the local stock market, as Beijing intensifies its campaign to control property speculation.
Mr. Jia recommended that the government should levy the tax on newly acquired properties at the trial stage, the paper reported.