“NDRC Official Huang Denies China Times Report on Property Tax” plus 3 more |
- NDRC Official Huang Denies China Times Report on Property Tax
- China property tax report is "unfounded" -researcher
- (AFX UK Focus) 2010-05-24 04:35 China property tax report is "unfounded" -researcher
- Mount Carmel BMA eyes 35 cent property tax hike
| NDRC Official Huang Denies China Times Report on Property Tax Posted: 23 May 2010 06:52 PM PDT By Bloomberg News May 24 (Bloomberg) -- Huang Hanquan, assistant director of the industrial institute of the National Development and Reform Commission, denied a China Times report that cited him as saying China won't introduce a property tax for three years. Huang said in a telephone interview today that he didn't make the comment about property taxes. To contact the reporter on this story: Jian Guo Jiang in Shanghai at jjiang@bloomberg.net Last Updated: May 23, 2010 21:10 EDTFive Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| China property tax report is "unfounded" -researcher Posted: 23 May 2010 08:20 PM PDT * Researcher denies report, says misquoted him * Report says property tax won't be launched within 3 years * Gains in China property stocks ease By Zhou Xin and Simon Rabinovitch BEIJING, May 24 - A government researcher denied on Monday a report that quoted him as saying that China will not introduce a controversial property tax within 3 years, which had pushed up real estate stocks by over 5 percent. After the researcher's denial, Chinese property shares <.SSEP> gave up some gains but were still up 4.4 percent by 0336 GMT. Property stocks have soared after the report by the China Times, a Beijing-based newspaper, said that it would delay implementing a housing tax for at least three years. "It is purely an unfounded report, and I have never said that," Huang Hanquan, a rural economy researcher at the National Development and Reform Commission, later told Reuters. The NDRC, China's powerful economic planning agency, is not the main government organisation overseeing the country's tax policies. The finance ministry and tax bureau are usually the agencies tasked with China's tax regulations. Property prices have been soaring, hitting a record annual 12.8 percent rise in April, although analysts expect price increases to ease in coming months after a series of harsh measures announced in mid-April. [ID:nTOE64A00Z] The market expects China to introduce a property tax if prices fail to ease significantly, with the cities of Shanghai and Chongqing likely to be the first to roll out such a tax on a trial basis. Chongqing has already submitted plans to China's cabinet for approval, a tax official said earlier this month, while in Shanghai, the local government is considering slapping a 0.6 percent tax on residents who own large apartments. [ID:nTOE64I05Q] Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| (AFX UK Focus) 2010-05-24 04:35 China property tax report is "unfounded" -researcher Posted: 23 May 2010 09:04 PM PDT BEIJING, May 24 (Reuters) - A report that China will not introduce a property tax during the next three years was incorrect, a senior government researcher said on Monday. (Reporting by Langi Chiang, Zhou Xin and Simon Rabinovitch; editing by Ken Wills) ((yan.jiang@thomsonreuters.com; 8610-6627 1207)) Keywords: CHINA PROPERTY/ (If you have a query or comment on this story, send an email to news.feedback.reuters.com@reuters.net)
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| Mount Carmel BMA eyes 35 cent property tax hike Posted: 23 May 2010 07:31 PM PDT Mount Carmel BMA eyes 35 cent property tax hike
MOUNT CARMEL — The Mount Carmel Board of Mayor and Aldermen will consider a 35 cent property tax increase when it meets in regular session Tuesday, and no jobs or services are included on the chopping block on this proposed budget. The BMA met in a workshop session Thursday after having met in two previous sessions. The earlier sessions resulted in a proposal that included a 20 cent property tax hike but also closed the town's post office for savings of $36,000. On Wednesday, board members reluctantly agreed to restore the post office, as well as other previously considered cuts including $3,500 from the police department for training, office supplies, uniforms and the DARE (Drug Abuse Resistance Education) program. The current proposal also restores a $14,700 cut to the fire department for training, the Christmas parade, Santa run, building repair and maintenance, travel, office supplies, and vehicle operating expense. Mayor Gary Lawson said this year's budget comes down to offering less services for the same price to the taxpayer, or maintaining current services with a tax hike. Lawson added that he believes this increase would keep the town in the black for at least two fiscal years, and by then the economy will hopefully rebound. The proposed 35 cent property tax hike would increase the annual bill for a residence valued at $100,000 by $87.50. "If we start cutting services we won't really be the same town," Lawson said. Lawson added, "I like all the services this town has, and I personally would support keeping everything we've got and not cut anything. I think if we start cutting services, that's not a good signal to send out to anyone who might consider locating in our town as either residential or business." Mount Carmel business owners presented the BMA with a petition asking that the post office not be closed. By maintaining services at the current level, the town would be facing a deficit of $218,700. Every penny on the tax rate generates approximately $6,300. The budget includes purchase of a new brush truck, repairing the roof on City Hall, and matching funds for a grant to pave Main Street from Kaywood Avenue to Dover Avenue. Mount Carmel's biggest source of sales tax revenue is the Builder's First Source construction supply company. Lawson said a decrease in sales tax revenue combined with cost increases across the board have resulted in this budget crisis. Mount Carmel's local sales tax revenue has decreased $170,000 from the level it was three years ago, and state-shared sales tax is down $50,000 from the level it was three years ago. "I was mayor for five years, and we didn't even have a property tax, and I guess that was really a blissful time," Lawson said. "Back then we had sales tax. Now we've lost so much sales tax revenue. Our only major sales tax source now (building supplies) depends on how the economy is going, and if the economy is not doing well, then we're not doing well." There was opposition voiced on the board to the tax hike from Aldermen Carl Wolfe and Tresa Mauk and Vice Mayor Thomas Wheeler. "I'm still against a tax increase. I think if you've got a budget, then you've got to operate within that budget," Wolfe said. "I agree we've got to keep some services. I've got no problem with that. But what are we going to do next year? It's going to be the same thing again." Alderman William Blakely said he could fill the boardroom Tuesday with people who would support the tax increase. Wheeler said he hasn't spoken to one person who supports a tax increase. Wheeler said, "We owe all the citizens of Mount Carmel to work on this budget, to cut all the fat out of this budget, and if we get everything out of it that we can get out of it, then we we have to raise taxes. Then we can look out and say we did everything we could do. Right now we're just saying let's raise taxes." Mauk noted there are areas to cut that won't affect most taxpayers including recreation, the library, the Senior Center and the post office. "I've had people tell me cut all of it," Mauk said. "I'm not talking about services people expect to get for their taxes such as fire, maintenance, garbage and the police work." Alderman Ric Gabriel said he believes the town should maintain the quality of life for citizens by not cutting services. "You don't know what you have until it's gone," Gabriel said. "You're talking about people's livelihoods, and I'm not cutting anybody's job, I can tell you that right now. That's not just my opinion, that's my constituents." The proposal increases Mount Carmel's tax rate from $1.37 to $1.72. The BMA meets Tuesday at 7 p.m. at City Hall.
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