The central government of China will likely implement a property tax before the annual meeting of congress begins in March next year, according to a report by China Securities Journal.
It added that Shanghai and Chongqing would probably be among the first few cities to launch a trial for property tax, adding that the exact date has yet to be determined.
“The best timing should be before the gathering of the National People’s Congress and the Chinese People’s Political Consultative Conference in March,” according to unnamed industry sources cited by the newspaper.
Further details of the property tax will be discussed during the central economic working conference, which will be held this weekend.
The state council has repeatedly said they are committed to begin a trial on property tax as soon as possible.
However, growing concerns about tightening measures in the property market, especially property tax, weighed heavily on China’s stock market earlier this year.