China says property tax reform on the anvil

BEIJING: The Chinese cabinet on Monday said it will "gradually push forward" property tax reforms as part of this year's economic reform measures.

The government will deepen fiscal and taxation reforms by gradually advancing reforms in the areas of property tax, personal income tax and consumption tax, Xinhua news agency reported quoting an official statement. But the statement did not give details about the property tax reform plan.

The circular also listed other economic reform goals which include requiring governments at all levels to deepen reform of state-owned enterprises and further encourage private sector. Other aims include raising people's income to reduce obstacles to transform the nation's economic growth mode, it said.

Broadcasters and telecom operators are also urged to accelerate pilot programmes aimed at converging telecom networks, broadcasting and the Internet, besides breaking down regulatory barriers between the industries. The government should reduce hurdles curbing private investment and open more sectors to private companies, the statement said.