Unfinished apartment buildings stand at a residential complex developed by Jiadengbao Real Estate in Guilin, Guangxi Zhuang Autonomous Region, China on Sep 17, 2022. (File photo: Reuters/Eduardo Baptista)
BEIJING: China will refund individual income tax for home buyers if they sell their homes and purchase a new one in the same city within one year after selling, the finance ministry said on Friday (Sep 30), in order to boost sluggish housing demand.
The notice, effective from Saturday until Dec 31, 2023, said if the amount of new housing purchased is more than or equal to the amount of housing sold, all personal income tax paid will be refunded.
Source: Reuters/st