According to the draft, 7 million hectares, accounting for 68% of the total cultivated land would be eligible for these policies. The tax exemptions and reductions for agricultural land were valued at nearly 315 million USD.
The government has proposed to exempt tax for household agricultural land to encourage investment into agriculture and rural areas, expanded scale and more effective use of agricultural land.
This proposal has been approved by the National Assembly Standing Committee. However, the committee has asked to assess the draft policy’s affect on agricultural production.
