Home » Real estate ETF plummeted by nearly 2%!Land Transfer Funds Transferred to Tax Collection Reforms

Real estate ETF plummeted by nearly 2%!Land Transfer Funds Transferred to Tax Collection Reforms

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Original title: Real estate ETF plummeted by nearly 2%!Land transfer funds transfer to tax collection major changes

  Recently, the real estate circle has exploded again.

Last Friday, the Ministry of Finance issued the “Notice on the transfer of four government non-tax revenues from the transfer of state-owned land use rights, special income from mineral resources, sea area use funds, and non-resident island use funds to taxation departments for collection.”

The policy transfers four government non-tax revenues, including income from the transfer of state-owned land use rights, to the taxation department for collection. The scope, objects, standards, reductions and exemptions, sharing, use, and management of the four revenues will continue to be in accordance with current regulations. carried out. The policy will be piloted in Hebei, Inner Mongolia, Shanghai, Zhejiang, Anhui, Qingdao, and Yunnan (autonomous regions, municipalities, and cities under separate state planning) starting from July 1, 2021, and will be fully implemented on January 1, 2022.

To put it simply, the land transfer fee will not go to the local government, but will be collected by the tax bureau.

The market generally believes that this is undoubtedly anotherreal estateThe heavy hammer of the enterprise.

Since the beginning of this year, the state has always adhered to the policy of housing housing and non-speculation, and related policies of various departments have been issued frequently, and the supervision and control of national property prices have been continuously strengthened. In this context,real estateEnterprises can be described as a small bomb in three days and a large bomb in five days.

Open today,real estateUnsurprisingly, the sector was hit hard, and the real estateETFTumbled nearly 2%. As for individual stocks, Aoyuan’s U.S. stocks fell to the limitSuning GlobalFell more than 6%,Poly Real EstateFell 2.38%,Greenland HoldingsDown 2%,Vanke AFell 1.48%.

  So what is going on with this land transfer fee reform and how much impact will it have on real estate companies?

In fact, although the department that collects money has changed, how to spend money is still the same as before. The “Notice” shows that, in addition to the provisions of this notice, the collection scope, objects, standards, reductions and exemptions, sharing, use, and management policies of the four government non-tax revenues will continue to be implemented in accordance with the current regulations.

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In this regard, the chief of Centaline PropertyAnalystSaid that the “Notice” clarified that the relevant policies for land transfer fees will remain unchanged, and the distribution mechanism of land transfer fees will remain unchanged.Revenue.Therefore, this has a great impact on the land market andHouse priceBasically no effect.

  What’s the difference? The difference is that this time the central government will definitely master the tactics of each city for land transfer. The transparent and unified process will give the central government greater overall planning and monitoring power.

The land transfer fee has always been an important source of income for a local area. In 2019, nearly 90% of urban land finances depended on more than 50%.

From January to May this year, land sales in 50 cities have exceeded 1.8 trillion yuan, more than 20% more than the same period last year. Although the central government has always emphasized that “housing and housing should not be speculated”, the land market is not calm at all. The land premium rate in many cities is also very high, with the highest being close to 70%.

And how to spend and allocate so much money has been determined by the local authorities before.

Starting from January 1, 2007, after the specific expropriation of income from state-owned land use rights,The income and expenditure are included in the place in fullfundBudget management.All income is paid to the local treasury, and all expenditures are arranged from the land transfer income through the local fund budget, and the “two lines of income and expenditure” are implemented. Set up a special account in the local treasury to specifically calculate the income and expenditure of land transfer.

  In this, certain problems and chaos have also appeared.

In the past, developers could play a lot of tricks on land transfer fees. For example, postpone the payment of land transfer fees and choose to pay late fees to the land transfer department, which is almost equivalent to financing in disguise. In the industrial land sale business, apply for various industrial subsidies and cooperate with local governments. The inside should be combined with the outside to carry out capital operations, in a disguised way, to earn back the money from the land transfer; some real estate companies participate in the development of the primary land market to obtain additional income from the secondary land market by acquiring land at low prices or operating in the dark.

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  These problems will have nowhere to hide under the supervision of the tax department.It is collected by the tax department. If the real estate company delays the payment, it will be punished by the tax department. The nature is completely different. The land acquisition tends to be transparent and the process is standardized. The state will also monitor and review the land acquisition company to avoid black-box operations; in addition, , The cost of land acquisition by major real estate companies will increase significantly, and the financial status of the payment of land transfer fees will also be higher, and the payment pressure will also increase.

At the same time, it also has an impact on local urban investment. The two centralized systems of land supply have shaken the local control over land supply. Land income has been changed to tax collection, which has strengthened the local control over the control of land transfer income, and the degree of freedom and operation have been greatly reduced.

In addition, there is also to avoid the loss or underestimation of land transfer fees. In order to increase revenue from land sales, some local governments have spread too much regional planning and unprincipledly compete for land transfer fees. After the central government’s unified supervision, these chaos will also be effectively eliminated.

  Therefore, from a policy perspective, the local government’s demands for land and real estate will not fundamentally change in the short term, and the reform is not just a regulatory policy aimed at the real estate industry.In the long run, the decline in flexibility in the use of land transfer fees may increase the importance of local governments on long-term tax sources. In order to introduce industries and talents, local governments may make more concessions on the land side.

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From the perspective of house price control, the “land transfer fee to tax reform” is essentially building “land” big data in various cities. This is a supporting measure after the “Two Concentrations”.It has a positive effect on the formation of a game of chess in the real estate regulation and control across the country.

Finally, let’s talk about the real estate tax issue that the market is most concerned about. In fact, the regulation this time has nothing to do with real estate taxes. One is that the tax collection of the land transfer fee does not provide information about real estate tax; the other is that the real estate tax is too far apart from the income from the land transfer fee, and even if the starting fee is taken away, it will not force the place to pass real estate. Tax remedy.

On the whole, in recent years, the real estate financial policy has indeed continued to tighten. In the short term, it is even more unlikely that the real estate financial policy will loosen. It can be seen that the logic of real estate companies has completely changed. Regardless of whether it is the management and control of three red lines of finance, the two centralizations, and the conversion of land transfer fees, the regulatory attitude is relatively clear, which is to control the unreasonable growth rate of the industry in the past.

Under this major change, as the cost of land acquisition in the future increases, the process becomes more standardized and transparent, and the financial requirements of real estate enterprises are strengthened, there will be a tragic clearing. The leading high-quality real estate companies with sound financial status will have a bigger win and will gain more market share under standardized operation. Labor pains are inevitable, but the future of the industry remains bright.

(Source: Gelonghui)

(Editor in charge: DF358)

Solemnly declare: The purpose of this information released by Oriental Fortune.com is to spread more information and has nothing to do with this stand.

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