The collection of property tax is in line with central government policy, but there is currently no timetable for implementing it, a central bank official said Monday.

 

There will not be a uniform tax rate for the whole country, Yi Gang, assistant to governor of the People's Bank of China, told a symposium in Beijing.

 

He explained that the property tax will be collected by local governments, who will impose different rates.

 

The central government began mulling over the introduction of property taxes in October, 2003. Some economists suggest owners should pay an annual property tax according to the size of their homes and the government should collect transfer taxes to redistribute profits generated by rising home prices.

 

The tax rates on the whole should be controlled, Yi said, adding that when property taxes are collected, taxes for property development and other real estate items should be lowered correspondingly.

 

(Xinhua News Agency August 8, 2006)