China Property Tax Implementation Inevitable: Yicai

China is likely to soon implement taxes on properties given the government's oft-repeated slogan that houses are not intended to be speculated on, and that China's efforts to lean on technology and manufacturing for growth, while waning off reliance on properties, Yicai.com reported citing Luo Zhiheng, deputy head of the Yuekai Securities Research Institute. The comments followed President Xi Jinping's recent article on "common prosperity," in which Xi urged more taxes on higher incomes. However, the government is likely to proceed with caution and will apply property taxes together with income taxes and adjust for regional differences, Yicai said citing Li Xuhong, a professor at Beijing National Accounting Institute.