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The State Administration of Taxation (SAT), the Ministry of Finance and the Ministry of Construction jointly issued a notice requiring to strengthen the management of real estate taxation, said sources from the SAT on Monday.
The notice gives details on business taxation in the real estate market and requires all local taxation and finance departments to strictly implement the taxation policies.
According to the notice, real estate administrative departments can grant the registration of real estate property only when the taxation warrant is checked.
Proposals jointly issued by seven state institutions of the country earlier this month took business taxation as a tool to crack down on speculation in China's real estate market.
According to the proposals, after June 1, 2005, private houses sold after being inhabited for less than two years must pay business taxes in accordance with the wholesale price.
(Xinhua News Agency May 31, 2005)
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