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/
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