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Stamp duty on securities under the State Council to adjust the right six kinds of tax deductible

2018-11-02 12:05 beijing evening news TF008

Stamp duty is to cancel the rumors as false testimony. The Ministry of Finance and the State Administration of Taxation issued yesterday "People's Republic of China Stamp Act (Draft)", the securities transaction stamp tax rate of 1% unchanged, but the rate of the right to adjust the corresponding quasi under the state council. Analysis of the industry, this shows that in the short term is unlikely to cancel the stamp tax, but the tax rate adjustment mechanism more flexible on the stock market is still good.

The securities transaction stamp tax data for Xinhua News Agency

The "draft", to maintain the securities transaction stamp tax rate of 1% in the way of tax is still unchanged, taken by the securities registration and clearing institutions withholding way. But the securities transaction stamp tax by taxpayers or tax rate adjustment, decided by the State Council, and report to the Standing Committee of the National People's Congress for the record. This means that if the market fluctuation, the regulatory authorities or by reducing the stamp tax, reduce the stock transaction costs, thereby changing the expectations of investors, improve the enthusiasm of traders, the market development direction to a reasonable valuation.

The "draft" proposed, will be in stock based issuance of depository receipts into the securities transaction stamp tax. In this regard, the Ministry of Finance and the State Administration of Taxation said that the State Council has made it clear to carry out innovative enterprises within the territory of DRS pilot based on depository receipts in overseas stock based Chinese issued in the territory, and in the Stock Exchange listed transactions, the stamp tax, and the stock is the same policy, is conducive to maintaining the unified tax system and tax equity.

However, there are six types of tax exemption: taxable duplicates or copies of documents; agricultural insurance contract and the contract for the sale of farmers, farmer cooperatives, rural collective economic organizations and villagers' committees to buy agricultural means of production or sale of agricultural products made; no interest or discount loan contract and international financial organizations to provide preferential loans to China a loan contract, financial institutions and small and micro enterprises to make the loan contract; property owners will be a gift of property government, schools, social welfare institutions according to the transfer of property rights; the taxable documents concluded, the army and the armed police troops received; the taxable documents transfer, rental housing contract, payment of stamp tax shall be exempted from individual.

The "draft" the introduction of performance is the stamp tax legislation, but also by the majority of experts interpret that stamp tax in the short term will not be canceled. China University of Political Science and Law finance and taxation law research center director Shi Zhengwen said, the securities transaction stamp tax policy in the short term does not change, but from the long-term perspective, the relevant departments should abolish stamp duty on securities transactions, replaced by capital gains tax.


Source: Beijing evening news reporter Zhao Yingying

Editor: tf008

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