The Chinese Ministry of Finance has announced that the tax on shares transactions has been cut in half from 0.4 per cent to 0.2 per cent for A shares and to 0.3 per cent for B share trading. The tax cuts are part of a bid to encourage market activity and spur the country out of the 30 per cent drop in share prices it has experienced over the last four months.
Before the cuts were introduced, China's transaction tax on trading - which earned the government 49 billion yuan (US$6 billion) each year - was the second highest in the world following that of Denmark's.
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