The draft stamp duty law is submitted for review and the stamp duty rate for stock transactions is proposed to remain unchanged
News from this newspaper (China Youth Daily and China Youth Daily reporter Zhang Junbin) On February 27, the draft stamp duty law was submitted to the 26th meeting of the 13th National People's Congress for deliberation for the first time.
Because the draft involves the levy of stamp duty on stock transactions, it has attracted market attention.
At the 26th meeting of the Standing Committee of the 13th National People's Congress, Minister of Finance Liu Kun pointed out that in terms of actual implementation, the elements of the stamp duty system are basically reasonable and the operation is relatively stable.
The draft stamp duty law generally maintains the current tax system framework and tax level basically unchanged, and the "Interim Regulations on Stamp Duty of the People's Republic of China" (hereinafter referred to as the "Interim Regulations") and the relevant provisions of stamp duty on securities transactions have been upgraded to law.
The draft basically maintains the current tax rate level, appropriately consolidates tax items and tax rates, and reduces tax burdens.
The current tax rate remains unchanged for tax items such as loan contracts, sales contracts, technology contracts, and securities transactions.
In other words, the stamp duty on securities transactions, which accounts for more than half of the stamp duty revenue, will still maintain a tax rate of one-thousandth of the turnover, and it will only be levied on the transferor of the securities transaction, not on the transferee of the securities transaction.
In terms of tax incentives, the draft stamp tax law generally maintains the current tax incentives unchanged. While retaining the tax exemption provisions in the Interim Regulations, some of the tax incentives specified in the current relevant documents have been upgraded to law.
At the same time, in accordance with the needs of national economic and social development, the State Council may stipulate the reduction or exemption of stamp duty and report to the Standing Committee of the National People's Congress for the record.
It is worth noting that the draft stamp tax law has made necessary adjustments to some of the contents based on actual conditions, appropriately condensing tax items and reducing some tax rates.
For example, abolish the 5 yuan stamp tax on rights and licenses; reduce the tax rate for processing contract contracts, construction engineering survey and design contracts, and cargo transportation contracts from five ten thousandths to three ten thousandths; reduce the tax rate for business account books from Five ten thousandths dropped to two and a half ten thousandths.
Shi Wenwen, director of the Finance and Taxation Law Research Center of China University of Political Science and Law, told China Youth Daily and China Youth Daily that when my country’s tax-sharing system reformed in 1994, it planned to use specific securities transactions as the tax object, and the transaction amount of securities as the tax calculation. Based on the levy of securities transaction tax.
"After the stamp duty legislation, the securities transaction stamp tax will be included in the legal norms, which means that my country will not levy a special securities transaction tax in the future, but will replace it with a securities transaction stamp tax."
Source: China Youth Daily