The Finance Ministry is providing details about how value-added taxes will be levied in property transactions. That's as China promotes reforms that include replacing the business tax with a value-added tax.

The details cover deed, property and land value increment taxes and individual income taxes during a property transaction. To avoid double taxation, taxpayers will be allowed to deduct the VAT expenses when paying the deed tax during the transaction. The same will also be implemented when levying income taxes on gains from property leasing or property transactions.