The latest data released by the State Administration of Taxation shows that in the first month of the implementation of the new real estate tax policy, which will officially come into effect on December 1, 2024, a total of 11.69 billion yuan of new tax exemptions were granted to homebuyers nationwide. It is reported that the new policy will increase the housing area standard for individuals to enjoy a 1% discount on deed tax for purchasing housing from the original 90 square meters to 140 square meters, with an additional tax reduction of 6.5 billion yuan. After the implementation of the policy, the number of households enjoying the lowest preferential tax rate of 1% deed tax for individual housing purchases reached 1.407 million, accounting for 89.4% of all households enjoying the deed tax preferential policy, an increase of 14.4 percentage points compared to before the policy was implemented. In addition, the new policy includes the purchase of a second home in Beijing, Shanghai, Guangzhou, and Shenzhen in the scope of deed tax preferential policies, with an additional tax reduction of 2.58 billion yuan. Taxpayers who meet the criteria for owning a second property in four cities will receive tax reductions of 800 million yuan, 940 million yuan, 250 million yuan, and 590 million yuan, respectively. At the same time, the new policy exempts individuals in the four cities of Beijing, Shanghai, Guangzhou, and Shenzhen from value-added tax for the transfer and purchase of housing that has been purchased for at least 2 years, without distinguishing between ordinary and non ordinary residences. In the first month of the implementation of the new policy, individuals in the four cities of Beijing, Shanghai, Guangzhou, and Shenzhen added 2.61 billion yuan in tax exemptions for the transfer of non ordinary residential properties, and the number of individual housing transfers increased by 71% compared to the previous month. (New Society)