Source: CCTV.com

12-07-2007 11:22

China has sharply raised taxes on the use of arable land for building homes and other non-agricultural purposes. Thursday's move is the government latest effort to keep relatively scare farmland from being further eroded.

Effective January first, the country will quintuple the land tax from current levels, which have been in force for two decades. A statement on the government website says the new rule intends to make reasonable use of land resources, strengthen land management and protect arable land.

The tax will now range from 5 to 50 yuan per square meter, instead of one to 10 yuan per square meter. The new rule also applies to foreign firms, which had previously been exempt from the tax.

 

Editor:Xiong Qu