This is the high-level statement before the implementation of the real estate tax pilot. We use four words to describe the country's attitude towards reform-unswerving.
The implementation schedule of real estate tax has been discussed for many years, including industry experts, policy makers and related enterprises, and has been debated for many years, and now it has finally begun to be piloted.
The following is the full text of the meeting decision:
In order to actively and steadily promote the legislation and reform of property tax, guide the rational consumption of housing and the economical and intensive use of land resources, and promote the stable and healthy development of the real estate market, the 31st executive meeting of the 13th NPC decided to authorize the State Council to carry out pilot projects in real estate tax reform in some areas.
The property tax in the pilot area is levied on residential and non-residential real estate, excluding rural homesteads and their legally owned upper houses. Land use rights holders and house owners are taxpayers of property tax. Non-residential real estate shall continue to be implemented in accordance with the Provisional Regulations of People's Republic of China (PRC) Municipality on Property Tax and the Provisional Regulations of People's Republic of China (PRC) Municipality on Urban Land Use Tax.
The State Council formulated specific measures for the pilot project of real estate tax, and the people's governments in the pilot areas formulated specific implementation rules. The State Council and its relevant departments and people's governments in pilot areas should build scientific and feasible collection and management models and procedures.
In accordance with the principle of being active and prudent, the State Council made overall consideration of deepening the pilot project and unifying legislation to promote the stable and healthy development of the real estate market, identified the pilot areas and reported them to the NPC Standing Committee for the record.
The pilot period authorized by this decision is five years, counting from the date when the State Council promulgated the "Pilot Measures". During the pilot process, the State Council should sum up the pilot experience in time and report the pilot situation to the NPC Standing Committee six months before the expiration of the authorization period. If you need to continue authorization, you can put forward relevant opinions, which will be decided by the NPC Standing Committee. When conditions are ripe, make laws in time. This decision shall come into force as of the date of promulgation, and the start time of the pilot implementation shall be determined by the State Council.
We chose some core points:
1. "The real estate tax in the pilot area is levied on all kinds of real estate, such as residential and non-residential, excluding rural homestead and its legally owned superstructure."
As a matter of fact, the property tax has been levied on commercial buildings. This time, in real estate tax reform, the property tax on commercial buildings was changed to real estate tax. The core content of the pilot project in real estate tax reform is to include individual houses in the scope of property tax collection, while rural homesteads and rural houses are not included in the scope of collection.
Rural homestead is not taxed, which is a remarkable "subdivision measure" in this round of reform. The real estate market has flourished in first-and second-tier cities and some third-and fourth-tier cities for more than ten years, and a large number of rural residential land has not participated in large-scale commercial transactions in the market. If the rural residential land is taxed at this time, it will undoubtedly affect the rural consumption capacity, which is inconsistent with the previous reform policy, so it is foreseeable that it is not included in the scope of collection.
2. "the State Council has formulated specific measures for the pilot project of real estate tax, and the people's governments in the pilot areas have formulated specific implementation rules."
The State Council is responsible for formulating pilot measures, and pilot cities are responsible for formulating specific rules. This also fully reflects the complexity of the current real estate market in different cities. After years of control policies, real estate transactions in core cities are still hot, while real estate transactions in some third-and fourth-tier cities have stabilized. Recently, there have been two batches of concentrated local auctions in several cities, which can also reflect that the whole industry has different attitudes towards the future expectations of the local market.
Different implementation rules formulated by different pilot cities can better reflect the complexity of the current market and avoid the situation that the pilot implementation is difficult to advance due to "one size fits all" rules.
3. In accordance with the principle of active and prudent, make overall consideration of deepening the pilot and unifying legislation, promote the stable and healthy development of the real estate market, and determine the pilot areas.
As a "reform pilot", which cities will be included in the pilot is related to the scope of collection. Zhang Dawei, chief analyst of Zhongyuan Real Estate, said: "Cities with high housing prices, large price increases and strong market resilience may become the first pilot cities."
Whether the local real estate market is overheated determines whether it will become one of the "pilot" cities, and key indicators such as population inflow and housing price growth rate are the basic factors that determine the current urban real estate transactions. Among the first-and second-tier cities, Beishangguangshen, the Yangtze River Delta, Greater Bay Area and some second-tier capital cities may become pilot regional cities due to the rapid influx of population and the rapid rise of local real estate transaction prices in recent years.
In May this year, the Ministry of Finance, the Budget Working Committee of the National People's Congress Standing Committee (NPCSC), the Ministry of Housing and Urban-Rural Development, and State Taxation Administration of The People's Republic of China jointly hosted a symposium on the pilot work in real estate tax reform, and "listened to the opinions of responsible comrades of some urban people's governments on the pilot work in real estate tax reform".
At that time, responsible persons of Shanghai, Chongqing, Shenzhen, Hangzhou, Suzhou and Jinan attended the meeting. If the "pilot cities" must be pre-judged, these six cities are likely to be included in the pilot cities for the implementation of property tax.
In addition, the Opinions on Supporting Zhejiang's High-quality Development and Building a Prosperous Demonstration Zone issued by the State Council, the Central Committee of the Communist Party of China, put forward that "in 2035, Zhejiang will make greater achievements in high-quality development and basically achieve prosperity". As an example of "prosperity with * * *", some hot cities in Zhejiang Province are also likely to be included in the pilot scope.
4. "The trial period authorized by this decision is five years. When conditions are ripe, laws will be enacted in time. "
The timetable for the full implementation of real estate tax is still inconclusive. At present, only "the pilot period is five years" can be seen in the document. Zhang Dawei, an analyst, said that the national version of the real estate tax must be based on "statutory taxation", and legislation is bound to be a long process.
Compared with legislation, the pilot project is easier to implement, so in 2022, some real estate tax rules of pilot cities will appear and be implemented.
Different judgments on the implementation of real estate tax in the industry
Over the years, there has been a constant debate about the real estate tax pilot. One side thinks that the implementation of real estate tax will suppress the real estate market and undermine the stable development of the domestic economy. On the other hand, the full implementation of real estate tax will not affect the fundamentals of supply and demand in the domestic real estate trading market, and will not affect economic stability.
Xu Xiaole, a market analyst, said: "In the short term, it is easy to have a big impact on market expectations. The trading volume decreased, but the price did not change significantly. However, the transaction volume and price are determined by the fundamentals of housing supply and demand for a long time. In a market that is in short supply, the impact of property tax is minimal. "
The implementation of real estate tax will directly affect the interests of property owners and lead to short-term fluctuations in the second-hand housing market, but the fundamentals of the overall market are indeed based on changes in supply and demand. If the auction market in major cities in China continues to appear, the amount of mortgage loans is still tight, and the supply and demand side of the real estate market will not change significantly.
In addition, many people compare this property tax pilot with the property tax pilots in Shanghai and Chongqing ten years ago, but the tax targets and taxes of the two are different, so it is difficult to generalize.
First of all, the real estate tax takes all the existing houses as the tax object, takes the guarantee of basic housing demand as the premise, and takes the realization of prosperity as the goal, and implements tax adjustment for the high-income class.
Secondly, the property tax rates in Shanghai and Chongqing are relatively low, with Shanghai having the lowest tax rate of 0.4% and Chongqing 0.5%, and houses purchased before the implementation of the policy are not included in the scope of collection, only new houses purchased after the implementation of the property tax are collected. The property tax policies of both cities have the characteristics of "emphasizing increment and neglecting stock".
Shanghai and Chongqing real estate tax pilots have not played a supporting role in local urban taxation because of their small scope of collection and many preferential collections, and relying on "land sales" income has not had a significant impact.
Real estate tax has attracted much attention, and its significance and influence will far exceed the real estate tax pilot projects in Shanghai and Chongqing.
Market impact of real estate tax implementation
In the land market, the tax on huge stock houses will supplement the tax in the city's fiscal revenue. In the long run, the emergence of real estate tax will reduce the financial dependence of local governments on "land sales" and promote the stable and healthy development of local real estate trading market.
In the new housing market, it is expected that the implementation rules of real estate tax collection will be "just needed" friendly, and families holding multiple small-sized houses will decide whether to sell according to tax rules and holding costs. The supply of second-hand housing market may rise, and the contradiction between supply and demand in the market may be alleviated. Market regulation triggered by real estate tax will be more effective than policy regulation.
The emergence of real estate tax can change the expectations of property owners.
Although the real estate market may be hit in the short term, in the medium and long term, the first-and second-tier core cities are still the main places for population inflow, and the steady upward trend of housing prices in core cities still has strong support. The landing of real estate tax will also better help the domestic economic restructuring.
Real estate tax bears the significance of the times.
The implementation of real estate tax is not to suppress the real estate market and housing prices. The emergence of real estate tax can be regarded as a supplement to the policy contents of "double reduction, poverty alleviation and anti-monopoly". The ultimate goal is to ensure the healthier development of China's economic structure and avoid falling into the development dilemma of capital rigidity and economic solidification. The era of development driven by real estate and infrastructure investment will eventually pass. In the future, technology and consumption will become the underlying logical components of the new economic changes.
Faced with the opening of a new situation in the future, market participants in the real estate industry will inevitably encounter "pain". Every change is a redistribution of interests. With the change of the development logic of old industries, the interests of some people will be redistributed, which is why the basic logic of "five-year pilot" should be set.
On the one hand, the pilot before the full implementation can adjust and amend the detailed rules, making the detailed rules for the implementation of property tax more perfect when it is fully implemented; On the other hand, it is a buffer for "some people".
We firmly support the reform measures.