Detailed regulations of the “Five Rules” restraining the housing market announced, 20% income tax is levied

On the evening of March 1, the State Council issued a notice called the “detailed regulations the five rules in the housing market”. Regulations require that the first payment of the second set of housing loans and loan interest rates can be further raised in cities with soaring housing prices; also the role of tax policy should be emphasised to adjust the housing prices. Tax, housing and urban construction departments should cooperate closely in the tax collection. The sale of owner-occupied housing should be levied in accordance with the regulations of the personal income tax, the tax shall be strictly the 20% of the taxable income. 

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