According to the Herald Sun, the building permit tax for most apartment developments will increase by 640%. The money will be used to pay for the state government’s demolition plan.
According to current regulations, for construction projects exceeding 1.5 million yuan, builders are required to pay a license tax of 0.128 points per dollar. According to the reform proposed by the government, the license tax will increase to 0.948 points per dollar. The state legislature is currently considering this reform. Industry sources predict that this reform will lead to an increase in apartment costs of at least 4,000 yuan.
Planning Director Richard Wynne told the parliament earlier this month that four years later, the growing license tax will be reviewed.
Http://www.yeeyi.com/news/index.php?app=home&act=article&aid=269125