The government is considering extending the fixed asset tax reduction on new homes for another two years. Currently, the annual fixed asset taxes are halved for the first 3 ~ 5 years on new homes and apartments. Unless extended, the special tax relief measure is set to expire at the end of March 2014.
There are concerns about a slump in new home sales following the planned increase in consumption tax from April 2014. As a result, the government is looking at measures to counter-act any possible downturn in sales activity.
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