- The Ministry of Finance and the State Administration of Taxation have released a policy on rural collective property rights reform and land value-added tax.
- According to the announcement, if village committees and villagers’ groups transfer state-owned land use rights and buildings to rural collective economic organizations as part of the reform, they will not be subject to land value-added tax.
- Rural collective economic organizations mentioned in the announcement must register with the agricultural and rural departments, obtain a unified social credit code starting with the letter “N,” and obtain a “Rural Collective Economic Organization Registration Certificate.”
- The policy will be implemented starting from January 1, 2024.
Source: chinanews.com.cn
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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