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UPDATE 1-China finance official flags property tax in "near future"
November 16, 2017 / 4:40 AM / in a month

UPDATE 1-China finance official flags property tax in "near future"

(Adds quote from official)

BEIJING, Nov 16 (Reuters) - China could implement a property tax in the “near future,” Huang Qifan, deputy chairman of the economic and finance committee under the National People’s Congress, said at a conference on Thursday.

Huang said that a property tax will help curb speculation in the sector. China has been discussing a recurring property tax for years, but public progress on the initiative ground to a halt after a very limited pilot scheme was rolled out in 2011.

“I believe (a property tax) will happen in the near future, not take 10-20 years. It could happen in the next several years,” he said.

Huang was appointed to the largely rubber-stamp parliament earlier this year and is considered a leading financial expert in China but is best known for his term as mayor of Chongqing. (Reporting by Kevin Yao; Writing by Elias Glenn; Editing by Shri Navaratnam)

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