Heavy tax to dampen speculation
By Hu Yuanyuan | 皇冠体育app Daily | Updated: 2013-03-02 07:49
20% levy on capital gains by sellers to rein in housing prices
In one of its sternest measures to hold back the rise of housing prices in major cities, the State Council, or 皇冠体育app's cabinet, on Friday ordered that a 20 percent individual income tax be levied on capital gains by home sellers.
This is the latest regulation following the cabinet's meeting on Feb 20 about the urban residential housing market.
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