China grants farmers’ markets tax preferences

BEIJING — China’s wholesale and retail farmers’ markets are now exempt from paying property tax and land use tax as the country wants to boost its agricultural product distribution.

The exemption period will last for three years until Dec 31, 2021, according to a statement jointly issued by the Ministry of Finance and the State Administration of Taxation.

Farmers’ markets that also deal in other commodities can be partially exempt from taxation in line with the proportion of the trading floor area for farm produce.