This policy released by the Ministry of Finance this Friday, which attracted great attention, will not be expanded in detail. The original text of the policy can be seen in the official micro-tweet of the Ministry of Finance: "The transfer of state-owned land use rights and other four government non-tax revenues to the tax department's collection is clear." The most popular content of the
policy is this:
"The four government non-tax income, namely state-owned land use rights transfer income, mineral resource special income, sea area use funds, and uninhabited island use funds, all of which are levied by the natural resources department, are transferred to the tax department for collection."
Screenshot from the official website of the Ministry of Finance
In the past two days, the self-media has various analysis and comments on this policy. Some say that this is "the end of land finance", "the land deposit and withdrawal will be collected from the central government", some say that "real estate will usher in a historical turning point", "the real estate market has completely changed", some say that this is for "preparing for the levy of real estate tax"...
Our "Ningbo Real Estate Market Report" admits that the level of limited, and we do not have confidence in analyzing and evaluating this policy, so we sorted out the opinions of experts interviewed by major domestic media including Economic Daily, China Real Estate News, 21st Century Business Herald, Daily Economic News, First Financial Daily, Cailianshe, etc. in the past two days, as follows.
I hope these expert opinions will be helpful to everyone to understand the impact of this policy on the real estate market.
The first question
will affect local land transfer income?
Economic Daily published a post on the front page of this policy today, including Bai Jingming, former vice president and researcher of the China Academy of Finance and Law:
"The transfer work only involves the adjustment of the taxation and management agency, and does not involve other issues. In particular, the sharing, use, management, etc. that the society is very concerned about has not changed, and it is still implemented in accordance with the original policies."
Today's Economic Daily front page
Today's Finance and Taxation Law Research Center Shi Zhengwen, director of the China University of Political Science and Law Finance and Law Research Center, pointed out in an interview with the media:
The attribution of land transfer income has not changed, but the expropriation department has changed. It was originally the natural resources department responsible for the collection, but now it is the tax department, but this income still belongs to the local area.
Liu Jianwen, director of the Center for Financial and Economic Law Research at Peking University, also pointed out in an interview with the media that the land transfer income still belongs to the local area, but the expropriation subject has changed, and analyzed that:
If the ownership and fund allocation of land transfer income are to change, a new system and mechanism for the division of central and local income must be introduced. In the absence of such changes in the system and mechanism, it cannot be said that the ownership of land transfer income will change as the income transferred to the tax department for collection.
Some experts also pointed out that although the current land transfer income is transferred to the tax department, this measure still has a far-reaching impact in the long run.
Yang Chang, chief economist at the Institute of Public Policy and Governance of Shanghai University of Finance and Economics, said that the tax department is responsible for levying state-owned land use rights income, so that the central government can fully grasp the specific situation of local land transfer income and expenditure, and will guide local governments to the behavior of local governments, making local governments more cautious in the land transfer process, and promoting local governments to get rid of their dependence on "land finance".
Chen Wenjing, deputy research director of the Index Business Department of the China Index Academy, believes that this policy will help the more standardized use of land transfer income, and will to a certain extent restrict the scope of use of funds by local governments.
The second question
has anything to do with the imposition of real estate tax?
Shi Zhengwen, director of the Finance and Taxation Law Research Center of China University of Political Science and Law, said that there is no connection between tax collection and management land transfer fees and real estate tax collection and real estate tax collection:
"Land transfer fees are the rental income from the transfer of state-owned land use rights within a certain period of time. The real estate tax and existing taxes levied in the future are income that is forced to be obtained free of charge by the state in exercising public functions and providing public services, and the two incomes can coexist."
Jia Kang, director of Huaxia New Supply Economics Research Institute, also believes that the transfer of the land transfer fee collection department has no direct relationship with real estate tax.
The third question
will affect land prices and housing prices?
Central Real Estate Chief Analyst Zhang Dawei believes that the "Notice" clarifies that the relevant policies on land transfer fees remain unchanged, and at present, the land transfer fee allocation mechanism remains unchanged, and is still local fiscal revenue. Therefore, it has basically no impact on the land market and housing prices in the short term.
But some experts believe that the policy may have a certain impact on real estate companies' land acquisition and land deposit and withdrawal payments in the short term.
Data picture. No pictures and texts are involved
Researcher Yang Zhiyong, a researcher at the Institute of Finance and Economics Strategy of the Chinese Academy of Social Sciences, said that the tax department collects state-owned assets. The land use rights transfer income is definitely more binding, and the advantages of some government revenue collection and management formed by the tax department in the taxation process are difficult to match by other government departments. In this way, the payment of land income will be more timely and sufficient.
Jia Kang, director of Huaxia New Supply Economics Institute, believes that after the expropriation department is transferred, the land transfer fee collection management will be more standardized, and the phenomenon of enterprise arrears, delays, and fuzzy processing may be corrected.
Shi Wenpo, associate researcher at the Public Income Research Center of the Chinese Academy of Finance and Sciences, said:
"If the developer wants to delay the payment of land transfer fee, it may not work. "
Fixed Income Analyst Zhou Yue of Zhongtai Securities said that due to the relatively independent tax system and local governments, it will help solve the problem of untimely payment of land transfer fees or missed payments after being transferred to the tax department, and reduce the occurrence of illegal return of land transfer fees by local governments.
Yan Yuejin, research director of the think tank center of the E-House Research Institute, believes that after the land deposit and withdrawal funds are transferred to the tax department, real estate companies want to "confidential conditions with some government departments." "The space will be reduced, and there is no possibility of land transfer funds arrears, and the process of collecting land transfer fees will be more open and transparent, reducing the phenomenon of trickyness.
Yan Yuejin also pointed out that after the reform, the tax department can also strengthen the review of land purchase funds for real estate companies. In the future, the tax department can use tax big data and conduct a comprehensive analysis of the land transfer fees payment status and land value-added tax payment status of real estate companies across the country to analyze the operating conditions and risks of real estate companies.
In addition, Yan Yuejin believes that the future utilization of land transfer fees will have a certain inclination, especially in the three fields of rural revitalization, affordable rental housing, and old communities, which may be utilized with greater value.
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