Lawmakers approve new Law on Land Use Taxation
The National Assembly passed the Law on Land Use Taxation on June 17. Under the new law, the following kinds of land use rights would be subject to taxation: (i) urban and rural residential land use rights; (ii) land used for non-agricultural production, such as industrial parks, production facilities and mines; and (iii) other non-agricultural land uses for business or religious purposes, including cemeteries.
This new law specifies methods of tax calculation and provides for progressive tax rates beginning at a minimum of 0.03 per cent and rising to a maximum of 0.15 per cent.
The law will take effect on January 1, 2012, and will replace the 1994 Ordinance on Housing and Land Use Taxation and its amendments.
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