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Tax consultant for property in China

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  • 02-06-2011 8:21pm
    #1
    appleb
    Registered Users Posts: 320 ✭✭


    Hi. Bought an appartment in China nearly 5 years ago. Have got a possibility of selling it over the next few months. Does anyone know a good tax consultant that might advise me to the best way of taking my money back into the country. Will not have made any massive profits. Thanks


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    #2
    dannychiu
    Closed Accounts Posts: 11 ✭dannychiu


    Which city in China?


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    #3
    up4it
    Closed Accounts Posts: 70 ✭✭up4it


    A word of caution! China are starting a new tax when you sell a property from July 01st 2011.

    It is either 1% of the total selling price or 20% of the profilt made less the cost of improvements. You can choose either method.

    So you need to read up on this as I do not know the full details.


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    #4
    appleb
    Registered Users Posts: 320 ✭✭appleb


    Thanks for that information. i will check it out. The apartment is in Shanghai and I bought it through Shanghai Vision. They are handing the sale over there (in the process taking a big chunk!) but I dont know any alternative. Any advice? Anyone in the same situation?


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    #5
    up4it
    Closed Accounts Posts: 70 ✭✭up4it


    Apple: My wife is Chinese and she said that you should sell your flat through a local property agent. Look at similar properties in the same area as yours and decide on the selling price with the agent that you both agree on. Many Chinese agents can speak English or take along a Chinese speaking friend.

    You should receive 100% of the selling price less the property tax as described above (from July 2011).

    Note: In China it is the buyer that pays the agents commision. Not the seller! Remeber that otherwise you will be ripped off.


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