Abstract: Since 1978, China’s reform of real estate tax has made great strides with important milestones marked by the resumption of real estate tax collection on Chinese-funded enterprises and Chinese nationals. In the 11th Five-Year Plan period (2006-2010), the state administration completed the unification of tax rates for domestic and foreign-funded companies. However, the reform of real estate tax still requires many modifications during the 12th Five-Year Plan period (2011-2015). The new plan should strive to streamline the tax system, adjust the tax base and tax rates, and delegate taxing authority.
Key words: real estate tax, reform, review, prospect
JEL: E62
1. Review of Real Estate Tax Reform Since Opening-up and Reform in 1978
Beginning in the mid to late 1980s, China began a real estate tax reform program. At that time, China started its transition from a planned economy to a market economy that retained certain elements of a planned economy. Against this backdrop, reform of the multiple tax systems, including the real estate tax, was made necessary in order to regulate China’s economy, enhance its fiscal revenue, and support fiscal reform.
1.1 Real estate tax reform in the 1980s
On September 15, 1986 and September 27, 1988, the State Council released the Provisional Regulations of the People’s Republic of China on Real Estate Tax and Provisional Regulations of the People’s Republic of China on Urban Land Use Tax, which became effective October 1, 1986 and November 1, 1988, respectively. These regulations only apply to state-owned enterprises (SOEs), collective enterprises, private enterprises, domestically funded enterprises, and Chinese citizens. They do not apply to foreign-funded enterprises, foreign companies, and foreign nationals, who remain subject to the urban real estate tax in accordance with the Provisional Regulations on Urban Real Estate Tax published on August 8, 1951. Further, foreign-invested enterprises and foreign companies remain subject to a land use fee. However, the 1986 and 1988 regulations do apply to enterprises with investments by residents of Hong Kong, Macau, and Taiwan.
Real estate tax is levied on all real properties located in cities, county seats, administrative towns and industrial and mining areas. The persons subject to the real estate tax (the “taxpayer”) are the owner or pawnee, the managing agent, and the user of the real property. The tax is levied on 70 percent to 90 percent of the value of the property, or on rent revenues with two different tax rates of 1.2 percent and 12 percent. The tax can be exempted for certain properties: properties belonging to national authorities, civil organizations, and the military; properties used by organizations that receive administrative fund allocations from state fiscal authorities; properties used by temples, mosques, public parks, scenic attractions and historical relics; properties used by individuals for nonprofit purposes; properties approved by the finance departments; and certain other properties. For taxpayers with financial hardships, the tax can be reduced or waived upon approval by the provincial people’s government.
On September 17, 1986, the State Administration of Taxation under the Ministry of Finance released the Real Estate Tax Awareness Outlines, which mandated that “the collection of real estate tax shall serve the following purposes: to facilitate real estate management using the economic leverage of taxation, to improve the utilization efficiency of real properties, to control the size of fixed asset investment, to support the reform of real estate policies, to adjust income distribution, and to create conditions for the implementation of a two-tiered fiscal administration system with separate central and local fiscal revenues.”
1.2 Urban land use tax in the 1980s
Urban land use tax is levied on land located in cities, county seats, administrative towns and industrial and mining areas. The persons or entities subject to the urban land use tax are the organizations or individuals who use the land located in these areas. Urban land use tax is levied on the taxable land area actually used by the taxpayer. The tax rates vary from 0.2 to 10 yuan per square meter per annum depending on whether or not the region in which the property located is economically developed.
Urban land use tax can be exempted for certain land: land used by national authorities, civil organizations and the military; land used by organizations that receive administrative fund allocations from state fiscal authorities; land used by mosques, temples, public parks, scenic attractions, and historical relics; public land used as municipal streets, city squares, and greenery; land for agriculture, forestry, animal husbandry and fishery; land used for energy, transportation, water conservation; and land used for any other purposes approved by the Ministry of Finance. For land approved for reclamation, the tax can be exempted for the initial five to ten years. The urban land tax can also be exempted for organizations that receive administrative fund allocations from state fiscal authorities and that can be clearly distinguished from corporate land use, such as land used by private schools, hospitals, child nurseries, and kindergartens. Further, provincial tax authorities have the discretion to reduce or waive the tax for these types of land use: personally owned residential property and courtyards, dormitory land use for employees of tax-exempted entities, welfare factories that are obliged to recruit a certain proportion of handicapped persons, and various kinds of schools, hospitals, child nurseries and kindergartens run by collectives and individuals.
Article 1 of the September 17, 1988 Provisional Regulations on Urban Land Use Tax provides that “the collection of urban land use tax shall serve the following purposes: to ensure reasonable use of urban land, to adjust land revenues differentiation, to increase the efficiency of land utilization, and to enhance land administration.” The Urban Land Use Tax Awareness Outline released by the State Administration for Taxation on November 6, 1988 further provides that “the collection of urban land use tax shall serve the following objectives: to promote reasonable use and conservation of land, to enhance economic accounting for companies, to balance the relationship of distribution between state government and land users, to facilitate the establishment of a local tax system, and to create conditions for the establishment of a fiscal system based on a tax sharing scheme.”
Urban real estate tax is levied on urban real properties. The persons subject to the tax are the owner or pawnee, the managing agent, and the user of the real property. The tax is levied on 70 percent to 90 percent of the value of the properties, or on the rent revenues with two tax different rates of 1.2 percent and 18 percent. For newly constructed real properties, the tax can be exempted for the first three years; for properties whose renovation costs exceed 50 percent of the initial construction cost (excluding overseas-funded enterprises), the tax can be exempted for the first two years after completion of the renovation; for the first five years after the issuance of a property certificate and for real properties purchased or constructed by overseas Chinese and their relatives using their overseas remittances, for the first five years. Upon approval by the people’s government above the provincial level, the tax can also be reduced or waived for real properties with special conditions.
1.3 Real estate tax reform in the 1990s
In the early 1990s, China transitioned from a planned commodity economy to a market-based economy. This transition intensified the incompatibility between China’s real estate tax system and the country’s economic development, for a number of reasons: having two different tax systems for domestic and overseas entities was complex; differing tax rates presented unfair tax burdens; and tax rates for urban land use were too low. Because of these problems, real estate tax reform was put on the agenda, with the main goals delineated in the Implementing Plan for the Reform of Industrial and Commercial Taxation submitted by the State Administration for Taxation and approved by the State Council on December 25, 1993. The document proposed to increase the tax rate for urban land use, expand the scope of tax collection, and properly delegate administrative authority. Further, the document proposed to adopt a unified real estate tax rate by phasing out urban real estate tax for overseas-funded enterprises and foreign nationals. However, in order to ensure the successful launch of other reform measures, these proposals were not executed in the tax reform of 1994.
On July 3, 1996, the State Administration for Taxation issued The Ninth Five-year Plan for National Taxation Development and Outline for Long-term Objectives of 2010, which declared to revise the real estate tax and urban land use tax. This document was issued in response to the requirement to adjust the local taxation structure and improve the local taxation system called for by the Ninth Five-year Plan of the People’s Republic of China and the Outline for Long-term Objectives of 2010 that was approved at the fourth session of the Eighth National People’s Congress (NPC) on March 17, 1996.
1.4 Real estate tax reform after 2000
On October 14, 2003, the Third Plenum of the 16th Central Committee of the Communist Party of China (CPC) adopted the Resolutions of CPC Central Committee on Matters Concerning the Improvement of Socialist Market Economic System. The Resolutions declared to “carry out an urban construction tax and fee reform and impose a unified real estate tax on real properties when conditions are ready, and phase out relevant fees accordingly.” Thereafter, the Ministry of Finance and State Administration for Taxation repeatedly declared its intention to study the imposition of real estate taxes.
On March 14, 2006, the Fourth Session of the 10th NPC approved the Outline for the 11th Five-Year Plan of National Economic and Social Development of People’s Republic of China. The Outline declared its goal to “reform the real estate taxation system, progressively launch a real estate tax, and eliminate all relevant fees.” On December 31 of the same year, the State Council released Resolutions on the Revision of Provisional Regulations of P. R. China on Urban Land Use Tax and revised Provisional Regulations of P. R. China on Urban Land Use Tax, which came into effect on January 1, 2007. The Regulations contained the following revisions: First, the scope of taxpayers was expanded to include overseas-funded enterprises and overseas companies. Second, the tax rate was substantially increased, with minimum tax rates per square meter of taxable land up from 0.2 yuan to 0.6 yuan per annum, and maximum tax rates up from 10 yuan to 30 yuan per annum. On the same day, an official with the State Council Legal Affairs Office explained that “the State Council issued the above decisions in order to regulate tax collection for land construction and restrain excessive expansion of land construction, as required by the Circular on Matters Concerning Land Regulation released by the State Council on August 31.”
On December 31, 2008, the State Council decided to revoke the Provisional Regulations on Urban Real Estate Tax effective on January 1, 2009. The State Council decided to levy real estate tax on overseas-funded enterprises and overseas companies according to the Provisional Regulations of the People’s Republic of China on Real Estate Tax.
On January 20, 2009, officials with the Ministry of Finance and State Administration for Taxation responded to journalists on the unification of real estate tax rates for domestic and overseas entities by saying that “the cancellation of the urban real estate tax is conducive to deepening tax reform, improving the socialist market economic system, making the tax burden fairer, creating a harmonious environment of taxation, and facilitating tax collection and administration by law.”
According to the Ministry of Finance and State Administration for Taxation, in 2010, China’s real estate tax revenues reached 89.41 billion yuan, accounting for 1.22 percent of China’s total tax collection of 7,321.08 billion yuan and 13.05 percent of China’s local tax collection of 684.99 billion yuan. Further, in 2010, China’s urban land use tax revenues reached 100.4 billion yuan, accounting for 1.37 percent of China’s total tax collection of 7,321.08 billion yuan and 14.66 percent of China’s local tax collection of 684.99 billion yuan.
2. New Trends in the Reform of China’s Real Estate Tax
2.1 Discussions and official statements on real estate tax reform in 2010
Over the past several years there have been extensive discussions on the reform of real estate tax within various Chinese circles. Additionally, there were some notable official statements both at the central and provincial levels.
On May 27, 2010, the State Council approved Opinions on Deepening Economic Reform of 2010 submitted by the National Development and Reform Commission (NDRC), which called for the gradual implementation of real estate tax reform. On September 30 of the same year, in response to questions from journalists on China’s adjustment of the real estate tax policy, officials with the Ministry of Finance and State Administration for Taxation stated the following:
“China’s current real estate tax was initiated in 1986. Given the low income levels for urban residents at that time, the provisional regulations of real estate tax exempted individuals who were not engaged in for-profit purposes. Over the past few years, as housing reform deepened and people’s income increased, China’s housing market became increasingly vibrant. It was thus necessary to resume property taxes on individually owned real properties in order to reflect the adjustment to people’s income and wealth and to improve the local tax systems. It also served the purpose of economic restructuring, land conservation and as guidance on reasonable personal spending on real properties. According to international experience and from the perspective of fairness and regulation, a real estate tax should be levied on all real properties owned by individuals. Considering the complexity of this reform, pilot programs will be carried out for real properties owned by individuals before the real estate tax is resumed on a national level.”
The above statements represent relatively specific official comments on the matter of real estate tax on private properties.
On October 18 of the same year, the Fifth Plenum of the 17th CPC Central Committee adopted Suggestions of the CPC Central Committee on the Formulation of the 12th Five-Year Plan on National Economic and Social Development, which called for studies on reforming the then-existing real estate tax system. However, the call was a cautious one. When China’s Finance Minister Xie Xuren was giving explanations on the tax reform for the 12th Five-Year period in late December at the national fiscal work conference, he made reference to the September 30 statements (above). However, when he was commenting on the work plan on taxation for 2011, he did not mention real estate tax reform.
On January 27, 2011, according to the resolutions of an executive meeting of the State Council, Shanghai and Chongqing municipal governments issued Provisional Measures on Piloting Programs for Real Estate Tax for Certain Individuals, effective the very next day in both municipalities. Also on January 27, officials with the Ministry of Finance, State Administration for Taxation, and the Ministry of Housing and Urban and Rural Construction stated the following when responding to journalists on questions about individual real estate tax collection in Shanghai and Chongqing municipalities:
“The collection of individual real estate tax serves two purposes: first, to adjust income distribution for social equity and second, to guide personal spending on real property and promote land conservation. Due to historic reasons and current conditions, for the time being it is premature to levy a tax on personal housing on a nationwide scale. There needs to be sufficient research and practical experience to ensure proper institutional design and administrative mechanisms for the collection of a personal housing tax. In order to fully reflect the policy goal of regulating income distribution, the revenue from the pilot reform projects will be used for the construction of subsidized housing, especially housing for the low-income and public-rent housing, in order to improve some citizens’ housing conditions. We will sum the results of the pilot project and develop a reform plan to be implemented on a national scale. When the time is ready, we will levy property tax on real estate owned by individuals on a nationwide basis.”
2.2 Questions raised by the pilot programs
The pilot program on real estate tax reform in Shanghai and Chongqing raise a few questions.
First, do provincial-level governments have the authority to reform the tax systems such as the property tax? The simple answer is no. China’s legislative power of taxation is highly centralized. All administrative laws and regulations including the Provisional Regulations on Real Estate Tax are instituted by the State Council. Revision of any clause and even any words in these regulations must be made by the State Council. No local government can develop its own versions of local tax regulations beyond what is allowed by the central government. This situation is different from most other countries where many forms of taxation are administered locally with property tax being administered by cities or counties.
However, on January 8, 2011, the State Council issued Decisions to Revoke and Revise Certain Administrative Regulations. According to the Decisions, the collection and administration of property tax would be governed by the Tax Collection and Administration Law of P. R. China, rather than the Provisional Regulations of P. R. China on Tax Collection and Administration as stipulated in Article 8 of the Provisional Regulations on Real Estate Tax issued in 1986. Does this delicate revision imply that the State Council has authorized provincial-level governments to make their own decisions for property tax reform? Again, the answer is no. The Tax Collection and Administration Law is only a procedural law on tax collection and administration and does not confer any authority to revise the substance of any real estate tax law. Further, Article 3 of the Tax Collection and Administration Law unambiguously states that “the collection, cessation, reduction, exemption, refund and adjustment of this tax shall follow legal regulations; where the State Council has stipulations, the stipulation of administration regulations instituted by the State Council shall prevail. Any authorities, entities and individuals shall not make decisions on the collection, cessation, reduction, exemption, refund, adjustment and other matters that contradict with tax laws and administrative regulations.” These statements make it unmistakable that tax collection and administration law has no provisions that authorize local governments to reform their tax systems independently.
Lastly, can provincial-level governments carry out pilot programs of real estate tax reform prior to the institution of any new real estate tax regulations by the State Council? Cities with mature conditions could be considered for such pilot programs to ensure prudence in property tax reform. However, such pilot programs still have to follow legal procedures, i.e., to be approved by the State Council before implementation. This was precisely what Shanghai and Chongqing had to do.
2.3 Discussions and official statements on real estate tax reform in 2011
A few documents did not have any discussion about property tax reform, including The State Council Legislative Work Plan for 2011 approved by the State Council and issued by its General Office on January 31, 2011, the Government Work Report delivered by Premier Wen Jiabao at the Fourth Session of the 11th National People’s Congress on March 5 of the same year, the Report on the Implementation Status of Central and Local Budgets of 2010 and Central and Local Budget Drafts for 2011 delivered by Finance Minister Xie Xuren at the same meeting, as well as the Opinions on Priorities for Deepening Economic Institutional Reform for 2011 approved by the State Council and submitted by the NDRC on May 28.
On March 14, 2011, the Fourth Session of the 11th NPC approved Outline of the 12th Five-Year Plan, which called for studies to be carried out on the reform of property tax. On April 29, the State Administration for Taxation issued Outline for the Development Planning of Taxation for the 12th Five-Year Plan Period. The Outline called for improvement in property transaction tax systems with priorities given to property tax reform, improvements in resource and environmental taxes and fees on the basis of rational allocation of tax authorities, and improvement of local tax systems. On August 24, the Ministry of Finance issued Opinions on Facilitating Financial Management for Fiscal Departments by Law, which called for prompt revision of Provisional Regulations on Real Estate Tax.
The above developments are an indication that China’s top decision-makers are proactive yet prudent about the reform of property tax, as this reform involves a wide scope and intricate interests and thus must be steadily yet patiently advanced.
3. Problems in China’s Current Real Estate Tax System
Problems in China’s current property tax system include the following: the taxing authority is overly centralized; the tax system is obsolete; the scope of taxation, the basis of taxation, and tax rates are not reasonable; and the completion of tax returns and the calculation of fees are too complex.
3.1 Overly centralized tax authority
In China, real estate tax is categorized as a local tax with tax revenues going to local government coffers. However, unlike most other countries where real estate tax is entirely a local tax, China’s central government has the legislative power over real estate tax. Further, the authority to adjust the items subject to taxation, taxpayers, tax calculation basis, tax rates, and reductions and exemptions for various types of tax is also with the central government. This centralized system stands in the way of local authorities to increase fiscal revenue through property taxes and is unfavorable to the improvement of real estate tax as well.
3.2 Obsolete tax system
After decades of pro market reforms, China’s economic system has transitioned from a planned to a market-based economy. However, China’s property tax is an obsolete legacy of this transition and has had no significant revisions over the past twenty years. Today, China’s real estate market is taking shape as an integrated market for domestic and foreign buyers. As rural and urban barriers fall away, revenues keep increasing as methods of transaction diversify and real estate prices surge. Under the current tax system, real estate tax is still differentiated for urban and rural areas: real properties in urban areas are subject to property tax according to the property’s original value and subject to land use tax according to land area. However, real properties in the rural areas are free from property tax and land use tax. This difference in treatment causes imbalance between China’s urban and rural tax systems. This practice also goes against the principle of “ability to pay” that will properly enhance local tax revenue and regulate the economy.
3.3 The scope of tax collection, tax calculation basis, and tax rates is not reasonable
3.3.1 Scope of tax collection
First, real estate tax and urban land use tax are levied only in cities and not in rural areas. Second, in urban areas, the real estate tax is levied only on for-profit real properties and exempts nonprofit residential properties for households. There is no tax on upscale and deluxe real estate properties.
3.3.2 Tax calculation basis
Real estate tax and business tax currently follow the same tax calculation basis, but they should be differentiated. The same piece of rental property could be subject to both real estate tax and business tax, thus causing double taxation. Further, both the landlord and tenant must also pay a stamp duty according to the amount under the lease contract. This overlapping in tax base unnecessarily increases the tax burden.
3.3.3 Tax rate
Property tax on rental income follows the rate of 12 percent. Such a tax rate was designed to restrict property leasing and to regulate the rental income of the few private property owners when public ownership held sway in China and the personal real estate market was mostly non- existent. Today, however, urban land use tax rates are too low given current land rents and fees.
3.4 Complex tax and fees
In addition to the above mentioned property and urban land use taxes, real properties in China are also subject to the following levies: taxes on the use of arable land, a business tax for real estate transfer and leasing, and urban construction taxes and educational surcharges. Both deed taxes and stamp taxes are imposed on property transfers and leasing, and a capital gains tax is levied on the appreciated value of real estate. In addition, corporate income tax and individual income taxes are collected on the net revenues of transferred real properties. Some of these taxes are legacies of China’s economic transition, but are no longer compatible with the development of a market economy, such as the tax on the use of arable land which amounts to an administrative fine. Some taxes are not in line with international practice, such as the urban maintenance and construction taxes, capital gains taxes, and deed taxes.
Generally speaking, the tax burden is heavy for real estate transfer and leasing, which is unfavorable to real estate transactions. Conversely, the tax burden is light for the possession and use of real estate properties, which is adverse to reasonable use of real estate resources. For instance, there is a 17 percent property and business tax on corporate property rent revenue (12%+5%=17%), while property tax on real estate possession is no more than 1.08 percent of the property’s original value [(1-10%)×1.2%=1.08%]. Property sales are subject to multiple taxes including a business tax, urban maintenance and construction taxes, stamp duties, capital gains taxes and corporate income tax or individual income tax. Properties purchased are subject to deed taxes and stamp duties tax as well.
Additionally, various levels of the Chinese government and departments charge a range of fees on real estate properties (according to the Ministry of Finance, the revenue of state-owned land transfer in China amounted to 2,819.77 billion yuan in 2010, equivalent to 38.5 percent of the national tax revenue and 4.1 times local tax revenue of that year). The tax administration department has many imperfections in light of the changes in China’s economic structure. This in turn aggravates the economic burden of taxpayers and damages the people’s perception of taxation, public finance and even the ruling party.
4. Discussions on the Reform of Real Estate Tax for the 12th Five-Year Plan Period
In the 12th Five-Year Plan period, China’s reform of real estate tax should serve the following purposes: to encourage the development of the real estate industry and market; to promote reasonable development and use of real estate resources and ensure benefits to the people; to be consistent with the overall targets of fiscal reform and tax reform and regulate tax and fee relationships; and to balance the welfare of the country, companies and individuals and the interests between the central and local governments.
4.1 Streamline the tax system
An integrated and internationally practiced real estate tax should replace the current real estate tax, urban land use tax, tax on the use of arable land, deed tax and some government fees that are in the nature of taxes. Urban maintenance and construction taxes can be integrated into a VAT, consumption tax, business tax, corporate income tax, individual income tax and real estate tax. The capital gains tax can be integrated into a corporate income tax, individual income tax and real estate tax. Unreasonable government fees on real estate should be repealed. These measures will not only reduce the types and amounts of taxes and fees on real estate, reduce the economic burden on taxpayers and improve the relationship between taxpayers and the ruling party, but also improve the tax system and the tax burden structure, reduce the taxes on real estate transfer and leasing, increase the taxes on the possession and use of real estate, as well as reduce indirect tax and increase direct tax.
4.2 Adjust the scope of tax collection, tax calculation basis and tax rates
4.2.1 Scope of tax collection and tax calculation basis
The scope of property tax should be expanded to rural areas and personal real properties. The tax should be levied according to the assessed value of property. Meanwhile, tax exemptions should be granted for properties below a certain value or in certain areas, so as to relieve low-income people from taxation.
The proposition to levy real estate tax according to the area, quantity and value of residential properties is faulty, as it will cause distortions. Large properties in remote and suburban areas may be cheap, while small properties in large cities and prosperous areas of mid-and small-cities can be quite expensive. Further, multiple properties may not be valuable as they can each be small and old, and properties at different locations are subject to tax collection by local authorities. In addition, a “housing consumption tax” is inconsistent with international practice and thus should be repealed.
4.2.2 Tax rate
Real estate tax rates should be designed depending on the regions in which they are located and their types. A low tax rate can be imposed for properties in mid-and small-sized cities and a high rate can be imposed on properties in larger cities. Additionally, the tax rates should be low for ordinary housing but high for upscale housing and properties for business. An additional tax can be levied as appropriate on deluxe housing and golf courses.
In designing the tax base and tax rates, consideration should be given to the ability of the taxpayers to pay, to the fiscal spending policies of central and local governments, and to the practices of other countries, especially developing and neighboring countries. The tax base should be narrow and tax rates should be low during the pilot period and during the introductory phase of the full scale reform.
4.3 Properly delegate tax authority
Real estate tax should be made a main component of China’s local tax in order to make it a major source of tax revenue for municipal and county governments. On the basis of a unified national tax system, local government should be endowed with greater authority of administration (including adjustment to items subject to taxation, taxpayers, tax calculation basis, tax rates, reductions and exemptions, etc.) in order to suit the reality of China’s vast market and disparate regional economic development. This would enable local governments to increase revenues and to regulate the economy using real estate taxes as a tool.
4.4 Gradual implementation
Real estate tax involves a great number of urban and rural enterprises, as well as other entities and individuals. It takes time to establish and improve the systems for property registration, valuation, and the collection of property taxes. Therefore, the reform of property tax should be carried out on a gradual basis. It would be advisable to initiate the reform in large cities before introducing it into mid-and small-sized cities. Another option is to conduct pilot programs in a group of small, medium-sized and large cities at the same time before rolling it out on a national scale.
4.5 Enhance administration on tax collection
Increased administration of real estate tax collection is required to reduce the loss of tax revenues. Tax authorities should improve administrative regulations, informatization, and coordination with other authorities.
These measures are designed to improve China’s real estate tax system and enhance the administration of real estate taxes. They will enhance real estate tax revenues, increase the percentage of real estate taxes in local and national tax revenues, and emphasize the functions of real estate taxes. It bears repeating that according to the nature of property and local tax, international experience and China’s reality, the base of real estate taxation is limited, revenues are moderate, and much variation exists across regions. The main function of a real estate tax is to raise local fiscal revenue for local development. It is important to bear in mind that a real estate tax itself has little effect on the adjustment of personal property gaps or in macroeconomic regulation.
References
[1] Outline for the 11th Five-year Plan of National Economic and Social Development of P. R. China.
[2] Outline of the 12th Five-year Plan on National Economic and Social Development.
[3] Provisional Regulations on Urban Real Estate Tax.
[4] Provisional Regulations of the P. R. China on Real Estate Tax.
[5] Provisional Regulations of the P.R. China on Urban Land Use Tax.
[6] Resolutions of CPC Central Committee on Matters Concerning the Improvement of Socialist Market Economic System.
[7] Resolutions on the Revision of Provisional Regulations of P. R. China on Urban Land Use Tax.
[8] Suggestions of CPC Central Committee on the Formulation of the 12th Five-year Plan on National Economic and Social Development.
[9] The Ninth Five-year Plan for National Economic and Social Development and Outline for Long-term Objectives of 2010.