元旦起降税，个人购房未满2年出售的增值税减少2%

Core Viewpoint - The new tax policy announced by the Ministry of Finance and the State Taxation Administration will reduce the value-added tax (VAT) on the sale of residential properties held for less than two years from 5% to 3%, effective January 1, 2026, while maintaining the exemption for properties held for two years or more [1][2]. Group 1: Tax Policy Changes - From January 1, 2026, individuals selling residential properties held for less than two years will pay a VAT of 3%, down from the previous 5% [1]. - The exemption for properties held for two years or more remains unchanged, continuing to allow for no VAT payment [1]. - For a property sold at a total price of 3 million, the VAT payable will decrease from approximately 150,000 to 90,000, resulting in a tax saving of around 60,000 [1]. Group 2: Market Implications - The reduction in VAT is expected to lower transaction costs and reduce friction in the housing market, potentially releasing pent-up demand affected by high transaction costs [2]. - The policy aims to alleviate difficulties in selling properties, particularly reducing instances where sellers must significantly lower prices to complete sales [2]. - The current market context shows a continuous decline in second-hand housing prices, with a need for policy intervention to stabilize the market [2][3]. Group 3: Broader Policy Context - Recent government meetings have emphasized the need to remove unreasonable restrictions on housing consumption and lower transaction costs [3]. - The housing market is experiencing a blockage in the "sell old to buy new" cycle, with a clear distinction emerging between new and second-hand housing markets [3]. - The government is actively implementing policies to stabilize the real estate market, including optimizing housing supply and supporting reasonable financing needs for real estate companies [4]. Group 4: Local Policy Adjustments - Recent local policies in Beijing have adjusted social security or tax payment requirements for non-local families, reducing the duration from three years to two years for purchases within the Fifth Ring Road [5]. - The minimum down payment for second homes using public housing funds has been lowered from 30% to 25% [5].