Beijing to reduce tax on larger house transactions
BEIJING, Nov. 19 (Xinhua) -- The Chinese capital Beijing will eliminate the distinction between ordinary and non-ordinary housing in an effort to reduce the tax burden during transactions of larger houses.
Non-ordinary properties that have been owned for two years or more will be exempted from a 5-percent value-added tax (VAT) during transactions, which means they will enjoy the same tax exemption as ordinary ho