China mulls deed tax law

Chinese lawmakers Monday started deliberating a draft law on deed tax, which will keep the current taxation framework and tax levels generally unchanged.

The draft was submitted for the first reading at the ongoing bimonthly session of the Standing Committee of the National People's Congress (NPC), China's top legislature.

The draft law, based on the deed tax regulation released by the State Council in 1997, stipulates that the tax rate ranges from 3 percent to 5 percent, to be adjusted within the scope by provincial-level governments.

Tax exemptions may be granted on certain land and houses such as those used by government organs and social organizations.

From 1997 to 2018, China's revenue from deed tax amounted to 4.2 trillion yuan ($599 billion), according to Finance Minister Liu Kun.