China Provides VAT and Property Tax Relief for Residential Property Leasing

China's Ministry of Finance, State Administration of Taxation, and Ministry of Housing and Urban-Rural Development have jointly issued Announcement No. 24 of 2021, which provides tax relief meant to support the development of the residential property leasing market. The announcement provides that enterprises engaged in residential property leasing that are general taxpayers for VAT purposes may opt to apply the simplified method for all rental income from leasing residential property to indi…