China should without a doubt introduce a property tax in order to reverse a major imbalance in wealth distribution, researcher Zhang Monan from the State Information Centre wrote in an opinion piece in the China Daily newspaper today.
The country needs to improve its property reporting system and introduce taxed on personal holdings from real estate to capital earning, inheritances, and donations Zhang wrote, as reported by Bloomberg. The State Information Center is a research agency under the National Development and Reform Commission.
China should also “moderately” shift some taxation powers to local governments from the central government to help “extricate” some local governments from excessive dependence on land for revenue, Zhang wrote.
The nation’s plan to raise the individual income tax threshold to 3,000 yuan (US$460) from 2,000 yuan (US$306) a month is an important step towards narrowing the wealth gap and fixing the country’s income “distribution disparity,” Zhang wrote.
Credit by : http://www.property-report.com
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