China's Ministry of Finance and State Administration of Taxation have jointly issued Announcement No. 23 of 2021, which updates and replaces prior issuances concerning the implementation of the "Deed Tax Law of the People's Republic of China". Deed tax is a transfer tax imposed on the transfer of land or buildings, with rates generally ranging from 3% to 5% depending on the province. Announcement No. 23 provides guidance on certain deed tax issues, summarized as follows:
The transfer of la…