Update: NDRC Dismisses Property Tax Rumors

Huang Hanquan, Assistant to the Director of the National Development and Reform Commission's (NDRC) Research Institute, said China will not levy taxes on residential property for at least another three years, guandian reports. The comments come following widespread rumors that Shanghai is about to introduce a property tax, the report said.

Last week, State Administration of Taxation PR Director Niu Xinwen denied similar rumors, saying that local governments do not have the legislative authority to introduce new taxes.

Jia Kang, Director of the Ministry of Finance's Financial Research Institute said May 24 that Huang's comments represent his personal view, and that a timetable for the introduction of a property tax will be determined by the government, guandian.cn reports May 24.