Income from the transfer of state-owned land use rights of CITIC Securities is classified as taxation Comment: the pattern has not changed, the focus is on collection and management

According to the Securities Times, CITIC Securities pointed out that on June 4, 2021, the Ministry of Finance and other four ministries and commissions issued a notice announcing that four non-tax revenues, including income from the transfer of state-owned land use rights, will be included in tax collection and will be piloted on July 1. Go ahead and promote nationwide on January 1, 2022. With reference to the social security premiums and a number of non-tax revenues previously classified as tax collections, this reform is also a continuation of the 2018 institutional reform thinking, focusing on improving the efficiency of collection. The focus of this reform is to replace the main body of collection and payment, which has no impact on other areas for the time being. It does not involve the adjustment of the structure of the central land tax sharing system. The land transfer fee system will continue to be continued. It is worth noting that due to the stronger tax collection efforts, it may put some pressure on the cash flow of urban investment platforms and other companies, but it is still the bottom line to prevent systemic risks from occurring, and it is expected that the policy is expected to transition smoothly.