Editorial comment: property tax obscure local finance ?dilemma - loans

Fang FangJuly economic data are not just as one wishes, in addition to CPI, PPI data both slow, year growth rate of industrial added value by June 9.5% slip further to 9.2%; export growth down to the 1% level. In this context, the macroscopical economic policy further ?relax? expected more strongly, the lower the deposit reserve ratio to ensure liquidity, to encourage banks to increase credit support for major projects, and even local government financing platform support, this is not the only one.The credit policy of ?relax?, will directly affect the policy of high sensitivity of the real estate industry, together with the expected policy still is ?relax? space, in recent months, the real estate market is significantly warmer. In response to this trend, short-term view, ifHouse pricesThe situation continued to rise, do not rule out the decision layer will be the introduction of a new round of real estate regulation policy. Recently, the country more than 30 provinces (autonomous regions, municipalities directly under the central government) and municipalities tax officials are carried out for 6 monthsReal estate taxTax base assessment training, in order to carry out non-operating real estate stock of partial recovery of taxing consumption the pilot, provides the technical reserve. So people have speculated, expanded property tax pilot range or ?passing? be restricted to buy policy, to become real estate regulatory policy focus.Data shows, at present real estate tax revenue in our country tax revenue in the proportion of about 1%, accounting for approximately 6% of local fiscal revenue. 2011 February, Shanghai, Chongqing pilot reform of property tax. Shanghai on the incremental housing tax, Chongqing on the housing stock incremental housing tax, range of high-end residential. Because the collection range is narrow, the two fiscal effect is not reflected, the effect on prices is not obvious.However, if the property tax pilot from the current operating property to non-operating real estate is advanced, and the non-operating real estate stock part of the tax, which means that the property tax will become a ?universal? collect the important tax, its scale is considerable. Early in the property tax proposed, there are high hopes for its, make place to get rid ofLandFiscal dependence. In the current economic context, the individual housing property tax levy more understood by others to solve the difficulty of local government finance is an effective way to.But is this really the case?First, the property tax is positioned in the local fiscal and revenue, deviate from their true intentions. Property tax is intended to individual housing tax, real estate tax is more high. As a policy tool, it is to adjust and improve the tax system structure and regulating social income distribution effect, make resource configuration optimization. In the current situation, the reform of the fiscal and taxation systems must be matched with other structural tax cuts, or did not achieve the desired effect, may also increase the public burden, will influence the expansion of domestic demand, and with the current monetary policy direction to produce a larger angle.Secondly, on the individual housing levy property tax problem is how to establish a good benefit coordination mechanism. I am state-owned housing source complexity of the special national conditions, not all the residents of housing information can be completely transparent, it will lead to the difficulty of determining the tax base. And how to set the tax rate, such as how to determine the value of the building of a series of institutional, technological problems for solution, for local opening source of wealth and hasty levy property taxes, but will increase the overall social cost.Also, the local government of current development also determines the mode of real estate tax to its huge fiscal demand match. Recently, local government a series of expanding domestic demand, steady growth policy frequency,InvestmentPlans are in the hundreds of billions of yuan of above, some local investment plan even reached trillion yuan scale. Notice, to maintain the economic growth must respect the basic economy rule, hold the strength and rhythm. Blind expansion of investment behind the local government complex appeal, this case made tax decision, is not conducive to the property tax and other direct taxes reform. To make the real estate tax become the local government a steady source of income, the local government must transform development mentality.

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