The Chinese government is continuing to use the various fiscal tools at its disposal to shore up the domestic markets having announced a new measure exempting interest earned in individual stock accounts from tax.
The Ministry of Finance and the State Administration of Taxation announced in a joint statement on Sunday that the 5% tax on interest earnings from stock balances would be scrapped as of October 9, 2008.
The move follows the State Council's announcement earlier this month that the 5% withholding tax on interest earned from individuals' bank deposits would also be removed with effect from October 9.
These changes form part of a raft of recent measures put in place by Beijing aimed at stabilizing the Chinese economy and encouraging growth. These include reductions in tax on property purchases, and the easing of interest rates.
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