The Beijing Housing and Urban-Rural Development Commission has recently clarified that it has not released any relevant information and will release the relevant policies as soon as possible if the relevant policies are announced.
A Beijing real estate agency announced to the public that the real estate for sale is exempt from personal income tax for only residences throughout the year. Only residences are taxed % for the entire year, and so on. If it is not just a residence, a % personal income tax on the income from selling the house will be levied regardless of whether it is full year or not.
Today, the relevant person in charge of the Beijing Municipal Housing and Urban-Rural Development Commission revealed that no information related to the National Five Rules has been released, nor has the specific content of the rules been released. It is unknown how the real estate agency obtained this information.
In order to curb the investment and speculative demand in the mainland property market, the State Council issued the National Five Rules on January 1, 2020, requiring strict levy of % personal income tax on the income from the transfer of residences in accordance with the law, and requiring the local government to issue the National Five Rules before the end of this year. The news of local regulations attracted intense attention from all parties.
Recently, the Beijing Municipal Commission of Housing and Urban-Rural Development and other relevant departments have convened developers, real estate agencies, and real estate research institutions to discuss matters related to the implementation of the detailed rules and make comprehensive arrangements for the implementation of Article 5.
As for when Beijing’s National Five Rules will be released, speculation among the industry and among the public has never stopped. It is said that the second half of the month to the beginning of the month is the window period for the implementation of the five national regulations.
Whether the % tax will accidentally hurt rigid demand has always been the focus of market discussion. An online survey showed that more than 70% of netizens said that the five national regulations on the levy of % individual tax on second-hand house transfers would have the greatest impact on themselves. More than 70% of netizens believed that the % individual tax would be passed on to home buyers. Five rules to delay home purchase plans.
Jia Kang, director of the Financial Science Institute of the Ministry of Finance, believes that the implementation details of the personal income tax policy should be clarified as soon as possible. Targeted easing may be implemented for buyers with rigid and ameliorative needs. Different cities may attach different policies to avoid accidentally damaging rigid demand during property market regulation.
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