Real estate tax is expected to accelerate the launch? Bureau of Statistics releases strong signals

Abstract On July 16, at the press conference on the national economy in the first half of 2018, Mao Shengyong, a spokesperson for the National Bureau of Statistics, said that from the next development of real estate, the central government further strengthened and improved macroeconomic regulation and control. The supply side is further exerting force...

On July 16, at the press conference on the national economy in the first half of 2018, Mao Shengyong, a spokesperson for the National Bureau of Statistics, said that from the next development of real estate, the central government further strengthened and improved macroeconomic regulation and control, while at the same time, from the supply Further efforts will be made to accelerate the implementation of real estate tax-related policy initiatives, achieve multi-agent supply, multi-channel guarantees, accelerate the implementation of a series of supporting policies such as rent and sale, and better promote the stable and healthy development of real estate and promote long-term mechanisms. Construction, to better achieve the basic position of "the house is used to live instead of being used for speculation" (hereinafter referred to as housing and not speculation).

Feng Qiaobin of the National School of Administration told the First Financial Reporter that the spokesperson of the National Bureau of Statistics rarely mentioned the real estate tax directly. This time, it was an unusual signal to speed up the promotion of real estate tax. It is an indication that the real estate tax is being rolled out. They are in place.

Yan Yuejin, research director of the think tank research center of Yiju Research Institute, told the First Financial Reporter that the National Bureau of Statistics explicitly mentioned two types of policies on the supply side of real estate regulation. One is the policy of real estate tax, and the other is the policy of renting and selling the same rights. The introduction of the real estate tax policy is in line with expectations, and it is not excluded that Shanghai and Chongqing will take the lead in upgrading to the real estate tax on the basis of the reform of the existing property tax. This is also the pilot idea. For the leasing market, the current "common rights" is basically blank, and the new policies will be accelerated in the future. Generally speaking, such statements by the National Bureau of Statistics are still carried out under the concept of “staying and not speculating”. Similar concepts also help to form better policy details.

In June this year, the Ministry of Natural Resources released a message saying that the national unified real estate registration information management basic platform has achieved nationwide networking, and China's real estate registration system has entered a full-scale operation stage. The industry believes that the major technical prerequisite for the levy of real estate tax is the national networking of national real estate information.

Real estate tax can increase the cost of housing holders, so it can curb unscrupulous real estate speculators to a certain extent, curb housing investment demand, reduce housing vacancy rate, and also play a certain income redistribution function. Moreover, the real estate tax can also enrich the local fiscal revenue, gradually cultivate the local main tax category, and improve the local tax system.

In order to implement the market speculation and not to break the market expectation that real estate will only rise or fall, real estate tax has become an important part of the long-term mechanism of the real estate market, and the speed of legislation has accelerated.

In this year's "National Two Sessions", Zhang Yesui, a spokesperson for the National People's Congress, said that real estate tax legislation is a common concern of the society. Accelerating real estate tax legislation is an important task put forward by the Party Central Committee. The National People's Congress Standing Committee Budget Working Committee and the Ministry of Finance Leading the organization drafting, and is currently accelerating the drafting of the draft law, the argumentation of important issues, internal consultation and other aspects, and strive to complete the preparatory work for the initial review of the Standing Committee.

Shi Yaobin, then deputy minister of the Ministry of Finance, said in a reporter's question at the "National Two Sessions" that the overall thinking of real estate tax is "legislation first, full authorization, and step by step." At present, the relevant departments are designing and perfecting, and at the same time, they will conduct argumentation and listen to opinions.

Shi Yaobin acknowledged that the design of China's real estate tax system will refer to the internationally common institutional arrangements.

He concluded that there are four commonalities in the real estate tax system in the world. All industrial and commercial housing and individual housing are taxed according to its assessed value. There are some tax benefits in the real estate tax system arrangement in all countries. For example, certain deduction standards can be made. Real estate tax is a local tax, and income is attributed to the local government. Real estate tax needs to establish a complete tax collection and management model to make real estate tax collection and fair.

In addition to drawing on international experience, Shi Yaobin emphasized that the real estate tax system will be rationally designed according to China's national conditions.

"For example, some tax types related to mergers and consolidations, such as the reasonable reduction of some taxes and fees in the construction of trading links, etc.. In this way, we can design a real estate tax system that is more reasonable and fairer, and can not only raise funds. The role of income can also play a positive role in regulating income distribution and promoting social equity," said Shi Yaobin.

Shi Yaobin is currently the director of the Budget Working Committee of the Standing Committee of the National People's Congress, and the drafting of the draft real estate tax law is one of the key tasks of the Pre-Working Committee.

According to the National Bureau of Statistics, from January to June 2018, the national real estate development investment was 555.3 billion yuan, of which about 70% was residential investment, up 13.6% year-on-year. Real estate investment in the second half of the year is also expected to maintain a relatively fast growth. In the first half of the year, the sales of commercial housing increased by 66.45 billion yuan, an increase of 13.2%, and the growth rate increased by 1.4 percentage points. Among them, residential sales increased by 14.8%.

Mao Shengyong introduced at the above-mentioned meeting that from the perspective of housing price operation in 70 large and medium-sized cities, the overall housing prices were relatively stable. However, housing prices in the third- and fourth-tier cities have indeed been relatively high this year. Some hot-selling cities are still under increasing pressure. There are still some structural contradictions in real estate. Some areas in remote areas and areas with large population pressures are still in stock.

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