November spicy tax is only 1.7 billion hit a two-year low
The property market was quiet, resulting in a sharp drop in the government’s “three-hot tax" revenue last month. According to the Inland Revenue Department, the relevant taxes in November totaled about 1.72 billion yuan, down 39.8% month-on-month, the lowest since December 2016. Among them, only about 2108 transactions were involved, a decrease of 11.2% from October, and the number was the lowest after March 2016.
During the period, the buyer’s stamp duty (BSD), which reflects the entry of non-local buyers and company-named buyers, was only recorded in 176 cases last month, down 195 cases or 52.6% month-on-month, a low level in 18 months. The tax amounted to about 428 million yuan, down 50.7% month-on-month, a low level in 28 months. Double Ad valorem Stamp Duty (DSD) recorded a total of 1911 cases last month, down 2.7% month-on-month, reflecting that the 15% of residential stamp duty transactions entered by investors in the market recorded 304 cases in November, down 265 cases or 46.6%, 11 The monthly tax involved was about 655 million yuan, down 44.9% month-on-month. The number of dwellings and taxes were both at a new low since the 15% tax rate.
As for the additional stamp duty (SSD), only 21 cases were recorded last month, down 47.5% month-on-month. It was the lowest level since February 2012 and 6 years and 9 months, involving a tax of about 10.71 million yuan.