Cai Zhizhong: Enlightenment from property stamp tax
The government’s land sales in 2017-18 were 163.6 billion yuan, 62% higher than expected, and the stamp duty revenue was 92.7 billion yuan, an increase of 75%, of which property stamp duty was as high as 57.9 billion yuan. Investor Tsai Chih-chung (see photo) stated that a property market with an annual turnover of only about 80,000 cases could have nearly 58 billion yuan in stamp duty income, making the Treasury overjoyed.
“The average person only sees an increase in tax revenue. He hopes that the government will send more sugar and does not care about these sources of income. It actually stems from the ill-gotten gains!" He believes that fine-tuning or reducing the stamp duty on property is appropriate. Lowering the stamp duty rate does not necessarily reduce the tax on warehouses. Increase in trading volume is enough to make up for other losses.