'Finance' for Grealer Shanghai, has issued a notification to foreign ieaseholders of land in the Municipality Jof Greater Shanghai and to foreign consulates regarding the levy of the Provisional Land Value Tax.
Tt may be noted in this connection, that "American and British leas holders have been paying the tax regularly, but the Japanese, Belgians, and French have so far refused to The notification states: "In accordance with the regulations promulgate fed by the Central Government, all owners or lease-holders of lands, leither bearing the Tu Ti Cheng (City Government Land Ownership Certi-foote) or Yung Tsu Chi (Deed of Perpetual Lease), situated in the re-[sidential area of the City Government of Greater Shanghai on which the Provisional Land Value Tax is levied, are required to pay the Pro-Yisionti Land Value Tax to the City The tax is payable semi-annually, beginning from August 1, 1033. The present semi-annual collection is for the fourth period.
The land value, on which the tax Is based, is assessed by the Acsessment 'Value Committee organized In accordance with the regulations promulgated. On this committee are me members, four of whom are well-known local businessmen with knowledge of real estate. Mr. Kwel Yen-fang, Chairman of the Chinese Land Owners' Association, is one of the members, Low Assessment assessments made, it is emphasized, are equitable and impartial. The assessment value is 55 per cent, lower as compared with the actual market value; and on this unusually low assessment, a tax rate of only per cent. is charged on all owners and lease-holders irrespective nationality.
Besides notifying the Bureau of Land to withhold transfers of land bearing the Tu Ti Cheng or the Yung Tsu Chi on which payment of the tax is in arrears, the Bureau of Finance points out that "under Art.
of the Regulations governing the Provisional Land Value Tax and Art. 24 of the Regulations governing the enforcement thereof, taxpayers failing to pay taxes duo with. in the prescribed period shall required to pay interest in addition to. the amount of tax due, and the Bureau may also collect from the income of the said land to cover taxes due. The Bureau may also, fon the approval of the City Govern: ment, sell the said land by auction to recover the taxes and interest Jdue," according to the Kuo Min News Agency.
Text read from the printed page and cleaned; old type leaves the occasional error.