China MOF Releases Announcement on Deed Tax Preferential Policy

The Chinese Ministry of Finance Aug. 30 released Announcement No. 29, on the deed tax preferential policy. The announcement includes deed tax exemptions for: 1) the transfer or ownership of property or a home due to the division of joint property in a divorce; 2) the first-time purchase of public housing by an urban employee under specified criteria; and 3) the restructuring of a branch of a foreign bank into a wholly foreign-owned bank. The announcement also provides a list of preferential tax policies that are either continued or abolished after the entry into force of the current announcement, beginning ...