Shanghai Imposes Land Tax
Shanghai will impose increased land and real estate taxes on developers and commercial home-owners in an attempt to curb rampant property speculation, state media reports. A new maximum tax rate of RMB30 per square metre will take effect retrospectively to include the current January to December tax year. The move represents increasing concern by Shanghai authorities, not just about the inflationary impact of the commercial property boom, but also the societal impact of rising land and rental rates – and the prospect of a property bubble that could burst at some point in future.
China to Incentivise Energy Saving Companies
China is to introduce a RMB7 bn reward scheme to encourage companies
across the country to conserve energy and reduce emissions. The plan
comes as part of an RMB23.5 billion package announced by the Ministry
of Finance to promote energy efficiency and reduce pollution. Zhang
Shaochun, Vice Minister of Finance, said rewards would be granted to
enterprises that reduce emissions and support environmental technology
innovation. “Instead of giving stipends in advance, we have chosen to
subsidise only enterprises and governments that make effective
expenditures in energy conservation.”
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