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Notice of Jiangxi Local Taxation Bureau on Several Preferential Tax Policies and Measures for Supporting the Real Estate De-stocking

Document No.:

Taxes:Comprehensive Taxation,Urban Real Estate Tax

Date of Promulgation:2016-04-01

IssueDepartment:State Taxation Bureaus of Localities

Date of Implementatio:2016-04-01

Annex:

 

 

Issued by: Jiangxi Local Taxation Bureau

Document No.: Gan Di Shui Fa [2016] No.38

Date of Issuance: 2016-04-01

 

All local taxation bureaus of cities divided into districts, all offices (departments) and units directly under the Provincial Taxation Bureau:

 

In order to promote the healthy development of the real estate industry in our province, reduce the tax burden of enterprises, and support the real estate de-stocking task at all localities in the province, we hereby notify the preferential policies and measures concerning land appreciation tax, house property tax, and urban & township land use tax as follows:

 

I. The LAT burden of real estate enterprises shall be reduced

 

(i) The pre-levying rate of LAT on real estate enterprises is reduced. The pre-levying rate of LAT on real estate enterprises for selling ordinary residential houses is reduced from the current 1% to 0.7%; the pre-levying rate of LAT on non-ordinary residential houses is reduced from the current 3% to 1.5%; the pre-levying rate of LAT on non-residence is reduced from the current 5% to 3%.

 

(ii) The pre-levying rate of LAT on a deemed basis on real estate enterprises is reduced. The pre-levying rate of VAT on a deemed basis on real estate enterprises for selling non-ordinary residential houses is reduced from the current 6% to 5%, which is the same as ordinary residential houses; the pre-levying rate of VAT on a deemed basis on non-residence is reduced from the current 8% to 6%.

 

(iii) Factors to the prices downward shall be dealt with according to the facts. As for the real estate enterprises which cut prices on some or all of the houses and sell such houses to the government and related institutions as affordable housing, after identification based on the relevant documents of the government, the portion of price cuts shall not be adjusted for revenue increase according to the market price, and the LAT shall be calculated and imposed according to the facts.

 

II. The burden of urban & township land use tax and house property tax on real estate enterprises shall be reduced

 

(i) To speed up the deduction of taxable areas of real estate development projects which are subject to urban & township land use tax. The taxable areas of real estate development projects which are subject to urban & township land use tax shall be adjusted from the existing “liquidation &deduction every half year” to “deduction per quarter”. For those who have signed a contract on the sale or advance sale or as for the corresponding land area of the part of actual delivery, the deduction shall be calculated on the basis of the proportion of the sold floor area in the total salable floor area.

 

(ii) To reduce the proportion of the real estate enterprise's self-used underground building calculated into the original value of real estate. Encourage enterprises to divert the underground building property of inventory to be used for the production and business operation, thus reducing the vacancy. As for the new underground structures diverted to industrial applications, the original value of taxable house property shall be reduced from the current 60% to 50% of the original housing price; as for the new underground structures diverted to business and other purposes, the original value of taxable house property shall be reduced from the current 80% to 70% of the original housing price.

 

III. The notice shall come into force on the date of promulgation.

 

Jiangxi Local Taxation Bureau

April 1st, 2016

 

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