Shanghai: Notice on the Cancellation of Ordinary Housing Standards

On November 18th, in order to better meet the rigid and improved housing needs of residents, the city has cancelled the standard of ordinary housing and non-ordinary housing, and the tax matters related to individual housing transactions are as follows: 1. If the original value certificate of the housing is not provided for the transfer of housing by individuals, and the original value of the housing and the tax payable cannot be correctly calculated, the personal income tax shall be assessed and taxed according to the regulations, and the personal income tax shall be assessed at 1% of the transfer income. 2. The value-added tax involved in the sale of housing by individuals and the deed tax involved in the purchase of housing by individuals shall be implemented in accordance with the relevant provisions of the "Announcement on Tax Policies for Promoting the Stable and Healthy Development of the Real Estate Market". This "Notice" shall come into force on December 1, 2024.