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FILE PHOTO: The word "taxes" is seen engraved at the headquarters of the Internal Revenue Service (IRS) in Washington, D.C., U.S., May 10, 2021. REUTERS/Andrew Kelly. Image used for illustrative purpose.
China is preparing to reduce taxes on home purchases, Bloomberg News reported on Tuesday, citing people familiar with the matter.
Regulators are developing a proposal that would enable major cities, such as Shanghai and Beijing, to reduce the deed tax for buyers to as low as 1%, down from the current rate of up to 3%, the report added. (Reporting by Surbhi Misra in Bengaluru; Editing by Christian Schmollinger)
