The Ministry of Finance (MOF) and the State Taxation Administration (STA) have jointly released the Announcement on the Land Appreciation Tax Policy for the Reform of the Rural Collective Property Rights System (the "Announcement"), with effect from January 1, 2024.
The Announcement specifies that, where villagers' committees or villagers' groups transfer or change the state-owned land use rights, the buildings on the ground and their attachments to the name of rural collective economic organizations according to the requirements in the reform of the rural collective property rights system, land appreciation tax will be exempted temporarily. The rural collective economic organizations referred to in the Announcement shall be registered with the departments of agriculture and rural affairs in accordance with relevant regulations, be assigned a unified social credit code starting with the letter "N", and obtain a Rural Collective Economic Organization Registration Certificate.