CCTV News: According to the news released by Sichuan’s WeChat official account, on April 25, the Sichuan Provincial People’s Government issued a notice on the cancellation of the standards for ordinary residential and non-ordinary residential buildings. The full text is as follows: Notice of the Sichuan Provincial People's Government on matters related to the cancellation of the standards for ordinary residential and non-ordinary residential buildings

Chuanfu Rules [2025] No. 2

People's Governments of all cities (prefectures), Department of Finance, Department of Housing and Urban-Rural Development, and Sichuan Provincial Taxation Bureau:

In order to implement the spirit of the Third Plenary Session of the 20th Central Committee of the Communist Party of China and promote the stable and healthy development of the real estate market, in accordance with the "Interim Regulations on Land Value-added Tax of the People's Republic of China" and its implementation rules, and the "Announcement of the Ministry of Finance and the Ministry of Taxation on Promoting the Stable and Healthy Development of the Real Estate Market" (Announcement of the Ministry of Taxation of the Ministry of Finance, No. 16 of the Ministry of Housing and Urban-Rural Development of the Ministry of Taxation of the Ministry of Finance, 2024), the relevant matters are hereby notified as follows:

1. The province will uniformly cancel the standards for ordinary residential and non-ordinary residential buildings.

2. According to the provisions of the "Interim Regulations on Land Value-added Tax of the People's Republic of China" and its implementation rules, if the taxpayer builds ordinary standard residential buildings that meet the following three conditions at the same time for sale, and the value-added amount does not exceed 20% of the deduction project amount, the land value-added tax will continue to be exempted:

(I) The building floor area ratio of residential communities is above 1.0;

(II) The single building area is below 140 square meters;

(I) The actual transaction price is less than 1.2 times the average transaction price of housing on land of the same level.

If the conditions previously determined by each city (prefecture) in accordance with the regulations are inconsistent with this notice, the municipal (prefecture) people's government shall determine whether to continue to implement it. If it is really necessary to continue to implement the implementation, the Municipal (Prefectural) People's Government shall copy the Finance Department, the Department of Housing and Urban-Rural Development, and the Sichuan Provincial Taxation Bureau.

This notice shall come into effect on the date of issuance and shall be valid until December 31, 2029. Matters related to the cancellation of the standards for ordinary residential and non-ordinary residential properties from January 1, 2025 to before the implementation of this notice shall be implemented in accordance with this notice.