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NDRC rules out property tax for 3 years

05-24-2010 16:10 BJT

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The National Development and Reform Commission has ruled out a real estate tax for at least three years. The top planning body also clarified that local governments do not have the jurisdiction to tweak taxation legislation.

The announcement comes amid widespread rumors that Shanghai was about to impose a property levy after the mainland's two stock markets fell to their lowest levels in more than a year. Senior officials from the NDRC denied that any specific policy is in the pipeline to enforce stricter new curbs on the housing market. But they said the NDRC is mapping out a medium- and long-term development plan for the real estate market.

Editor:Zhang Ning |Source: CCTV.com

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