BEIJING (Reuters) – China will refund individual income tax for home buyers if they sell their homes and purchase a new one in the same city within one year after selling, the finance ministry said on Friday, in order to boost sluggish housing demand.
The notice, effective from Saturday until Dec. 31, 2023, said if the amount of new housing purchased is more than or equal to the amount of housing sold, all personal income tax paid will be refunded.
(Reporting by Liangping Gao and Ryan Woo; Editing by Mark Heinrich)
