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December 27, 1993 | From Times Staff and Wire Reports
Taxes Raised on Property Profits: In a move that may throw cold water on China's fiery property investment sector, Beijing unveiled a tax law that could take a huge bite out of developers' profits. Starting Jan. 1, China will take as much as 67.34% of capital gains on land deals. Beijing says the law will reduce speculation.
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BUSINESS
December 27, 1993 | From Times Staff and Wire Reports
Taxes Raised on Property Profits: In a move that may throw cold water on China's fiery property investment sector, Beijing unveiled a tax law that could take a huge bite out of developers' profits. Starting Jan. 1, China will take as much as 67.34% of capital gains on land deals. Beijing says the law will reduce speculation.
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