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Beijing to Abolish Standards for Ordinary/ Non-Ordinary Housing Next Mth
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The Beijing Municipal Commission of Housing and Urban-Rural Development has issued a notice announcing that the standards for ordinary and non-ordinary housing in the city will be abolished, effective December. The notice specified that after the abolition of these standards, individuals selling homes purchased for over two years will be exempt from value-added tax (VAT). For homes purchased for less than two years, individuals will pay the full VAT at a rate of 5%. Regarding the deed tax for individual housing purchases, Beijing will apply the same preferential policy as the rest of the country. For individuals purchasing their only family home with an area of 140 square meters or less, the deed tax will be levied at a reduced rate of 1%. For homes over 140 square meters, the deed tax will be levied at a reduced rate of 1.5%. For individuals purchasing a second family home, the deed tax will be levied at a reduced rate of 1% for homes with an area of 140 square meters or less, and at a reduced rate of 2% for homes with an area of over 140 square meters. The notice also clarified that for sales and purchases of housing involving VAT and deed tax that have not been declared and paid by December 1, individuals meeting the relevant regulations can apply for execution. AAStocks Financial News |
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