China To Extend Stamp Duty Exemption For Closed-End Funds
China’s Ministry of Finance and State Taxation Administration have issued
a joint communiqué announcing an extension to stamp duty exemption for
the buying and selling of closed-ended investment funds. The exemption applies to funds listed on the Shanghai and Shenzhen securities
exchanges from 1st January 2003 and is available to both individual and institutional
investors. While the government announcement failed to detail the duration of the extended
stamp duty exemption, it is widely perceived that the measure will last for a considerable
time. The measure to exempt closed-end funds from the tax came about in 1998 when such
vehicles were established. The exemption has since been extended twice, in 2000
and 2001. A comprehensive report describing the investment fund sector in most key offshore jurisdictions, with details of the regulatory structure, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
|
|
IMPORTANT NOTICE: TAX-NEWS.COM has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. All materials on this site copyright TAX-NEWS.COM 1999 to 2007. Contact us for further information.