A recent report in the Chinese state media revealed that the State Administration of Taxation has sketched out a plan to reduce the stamp duty on securities transactions by half.
The move would mean a reduction in the duty from 0.2% to 0.1%, although the China Securities Journal reported that no timetable appears to have been set by the authorities for the implementation of the tax cut.
Suprisingly, the prospect of the tax cut failed to significantly move the Chinese markets, and the Shenzhen Composite Index traded slightly lower earlier this week in the wake of the revelation.
In a separate tax development, it has also emerged that securities firms are now able to deduct from their taxable revenue the supervision fees collected on behalf of China’s stock exchanges.
The new rule, which took effect on January 1, is aimed at ensuring “stable” and “healthy” growth in China’s capital markets, the tax office inidicated on its website.
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