China's wholesale and retail farm markets are now exempt from paying property tax and land use tax as part of the country's efforts to boost its agricultural product distribution.
The exemption period will last for three years from January 1, 2019, to December 31, 2021, according to a statement jointly issued by the Ministry of Finance and the State Administration of Taxation.
Farm markets that also deal in other commodities can be partially exempted from taxation in line with the proportion of the trading floor area for farm produce.
Companies that are eligible to enjoy the policy should apply for tax exemption in accordance with the regulation, and keep the property rights certificate, lease agreement and land use certificate for future reference.
