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                        The stamp duty law draft for comment is released: the stamp rate of securities transactions remains unchanged. The tax rate adjustment is determined by the State Council.
Source: State Administration of Taxation Editor: Eastern Fortune Network

The Ministry of Finance today issued the "People's Republic of China Stamp Tax Law (Draft for Comment)" and began to publicly solicit opinions from the public. It shows that the tax rate of the stamp duty on securities transactions remains unchanged, and it is flexible and proactive, easy to control by the camera, and better adapted to actual needs. The taxpayer and tax rate adjustment of the stamp duty of securities transactions is decided by the State Council and reported to the Standing Committee of the National People's Congress for the record.

  "People's Republic of China Stamp Tax Law (Draft for Comment)" for comments

In order to implement the statutory principles of taxation, increase the participation of the public in legislation, broaden the consensus of the society, and promote scientific legislation, democratic legislation, and open-door legislation, we drafted the "People's Republic of China Stamp Tax Law (Draft for Comment)", which is now open to the public for comments. . The public can submit their opinions by the following channels and methods before November 30, 2018:

1. Submit comments through the comments collection system on the homepage of the State Administration of Taxation (website: http://www.chinatax.gov.cn/).

2. Send the comments by letter to: Property and Behavior Tax Department of the State Administration of Taxation, No. 5, Yangfangdian West Road, Haidian District, Beijing (postal code: 100038), and indicate on the envelope the words “Public Tax Law for Comments”.

Ministry of Finance, State Administration of Taxation

November 1, 2018

  People's Republic of China Stamp Tax Law

(draft for comments)

  FirstTaxpayers who enter into or receive taxable vouchers that have legal effect in the territory of the People's Republic of China, or who conduct securities transactions within the territory of the People's Republic of China, shall be subject to stamp duty in accordance with the provisions of this Law.

  SecondThe taxable vouchers referred to in this Law refer to the written forms of contracts, property rights transfer books, business books and rights, and license photos as stipulated in the Stamp Tax Rate Table attached to this Law.

  Article 3The term "sales securities" as used in this Law refers to the transfer of company stocks and stock-issued depositary receipts on the stock exchanges established according to law or at other stock exchanges approved by the State Council.

  Article 4The tax items and tax rates of stamp duty shall be implemented in accordance with the “Tax Tax and Tax Rate Table” attached to this Law.

  The fifth The basis for the taxation of stamp duty is determined by the following methods:

(1) The taxation basis of the taxable contract shall be the price or remuneration specified in the contract, excluding the VAT tax; if the price or remuneration of the contract is not separately stated in the tax and the VAT tax, it shall be determined according to the total amount.

(2) The taxation basis of the taxable property transfer book is the price listed in the property transfer book, excluding the value-added tax; if the median transfer price and the value-added tax are not separately listed, according to the total The amount is determined.

(3) The taxation basis of the taxable business account book is the paid-up capital (equity) and the total amount of capital reserve recorded in the business account book.

(4) The basis for taxation of taxable rights and licenses shall be determined on a case-by-case basis.

(5) The taxation basis for securities transactions is the transaction amount.

  Article 6If the taxable contract or the transfer of property rights does not specify the price or remuneration, the taxation basis shall be determined according to the following methods:

(1) Determined according to the market price at the time of conclusion of the contract or the transfer of property rights; if the government price should be implemented according to law, it shall be determined in accordance with its provisions.

(2) If it cannot be determined in accordance with the method specified in the first paragraph of this Article, it shall be determined according to the actual settlement price or remuneration.

  Article 7If there is no transfer price when transferring securities by means of decentralized transactions, the tax calculation basis shall be determined according to the closing price of the previous trading day of the transfer registration procedure; if there is no closing price before the transaction date of the transfer registration procedure, the tax calculation shall be determined according to the face value of the securities. in accordance with.

  eighth The taxable amount of stamp duty is calculated as follows:

(1) The taxable amount of the taxable contract is the price or the remuneration multiplied by the applicable tax rate;

(2) The taxable amount of the taxable property transfer document is the price multiplied by the applicable tax rate;

(3) The taxable amount of the taxable business account book is the paid-up capital (share capital) and the total amount of capital reserve multiplied by the applicable tax rate;

(4) The taxable amount of the taxable right and the license photo shall be the applicable tax amount;

(5) The taxable amount of securities transactions shall be the transaction amount or the taxation basis determined in accordance with the provisions of Article 7 of this Law multiplied by the applicable tax rate.

  Article 9If the same taxable certificate contains two or more economic items and separately lists the price or remuneration, the taxable amount shall be calculated according to the respective applicable tax rate; if the price or remuneration is not separately listed, the taxable amount shall be calculated according to the high tax rate. .

  Article 10Where the same taxable certificate is entered into by two or more parties, the taxable amount shall be calculated separately according to the price or remuneration involved.

  Article 11Exemption or reduction of stamp duty in the following cases:

(1) A copy or copy of the taxable certificate is exempt from stamp duty;

(2) The sales contract and agricultural insurance contract concluded by farmers, farmers' professional cooperatives, rural collective economic organizations, and villagers' committees to purchase agricultural production materials or sell self-produced agricultural products, exempt from stamp duty;

(3) The interest-free or interest-bearing loan contract, the loan contract concluded by the international financial organization to provide concessional loans to China, and the loan contract concluded between the financial institution and the small and micro enterprise, exempt from stamp duty;

(4) The property owner transfers the property to the government, the school or the social welfare institution for the transfer of property rights, exempt from stamp duty;

(5) Taxable documents entered into and received by the armed forces and armed police units are exempt from stamp duty;

(6) The taxable documents entered into by the transfer or lease of housing shall be exempt from the stamp duty payable by individuals (excluding individual industrial and commercial households);

(7) Other circumstances in which the State Council stipulates that the stamp duty shall be exempted or reduced.

The provisions of the seventh paragraph of the preceding paragraph exemption or reduction of stamp duty shall be reported by the State Council to the Standing Committee of the National People's Congress for the record.

  Article 12The stamp duty shall be levied and managed by the tax authorities in accordance with this Law and the relevant provisions of the Law of the People's Republic of China on Tax Collection and Administration.

  Article 13The securities registration and settlement institution is the withholding agent of the stamp transaction of securities transactions.

  Article 14The stamp duty is incurred on the date when the taxpayer enters into, receives the taxable certificate or completes the securities transaction.

The securities transaction stamp duty withholding obligation occurs on the date when the securities transaction is completed.

  Article 15The unit taxpayer shall report and pay the stamp duty to the competent tax authority where the institution is located; the individual taxpayer shall report and pay the stamp duty to the tax authorities that have entered into the taxable certificate, received the place or the place of residence.

Where a taxpayer sells or transfers the property rights of real estate, it shall report to the tax authorities where the real estate is located and pay the stamp duty.

The withholding agent of the securities transaction stamp duty shall report and pay the withholding tax to the competent tax authority at the place where the institution is located.

  Article 16Stamp duty is calculated on a quarterly, yearly or weekly basis. If the tax is calculated on a quarterly or annual basis, the taxpayer shall declare and pay the tax within 15 days from the end of the quarter and the end of the year. If the tax is calculated on a per-time basis, the taxpayer shall declare and pay the tax within 15 days from the date of the tax liability.

The stamp duty on securities transactions is paid off on a weekly basis. The withholding agent of the securities transaction stamp duty shall declare the tax and interest to be paid within five days from the end of the week.

  Article 17If the price or remuneration of the voucher that has paid the stamp duty increases, the taxpayer shall pay the stamp duty; if the price or remuneration of the voucher that has paid the stamp duty is reduced, the taxpayer may apply to the competent tax authority for the refund of the stamp duty.

  Article 18The taxpayer of the securities transaction stamp tax or the adjustment of the tax rate shall be decided by the State Council and reported to the Standing Committee of the National People's Congress for the record.

  Article 19If the taxpayer, the withholding agent of the stamp duty on securities transactions, and the tax authorities and their staff violate the provisions of this Law, they shall be investigated for legal responsibility in accordance with the Law of the People's Republic of China on Tax Collection and Administration and relevant laws and regulations.

  Article 20This Law shall come into force on the day of the month. The "Provisional Regulations on Stamp Duty of the People's Republic of China" promulgated by the State Council on August 6, 1988 shall be repealed at the same time.

  Stamp duty tax rate table

  Explanation of the "People's Republic of China Stamp Tax Law (Draft for Comment)"

In order to implement the statutory principle of taxation, in accordance with the decision-making arrangements of the Party Central Committee and the State Council, the Ministry of Finance and the State Administration of Taxation, together with the relevant departments, drafted the "People's Republic of China Stamp Tax Law (Draft for Comment)" (hereinafter referred to as "Draft for Comment"). The description is as follows:

  I. The necessity of enacting this law

  In August 1988, the State Council promulgated the "Provisional Regulations on Stamp Duty of the People's Republic of China" (hereinafter referred to as the "Provisional Regulations"), which stipulates that since October 1, 1988, taxable certificates such as books, contracts, and property rights transfer documents have been issued. Units and individuals impose stamp duty. According to the nature of the taxable certificate, the stamp duty is levied at a proportional rate or on a fixed basis. In 1992, the national unified regulations imposed stamp duty on securities transactions in the Shanghai and Shenzhen stock markets. After many policy adjustments, the current stamp duty on securities transactions was imposed on the transferor at a rate of 1‰. From 1988 to 2017, the country's accumulated stamp duty was 214.5 billion yuan, an average annual increase of 19.1%, of which the stamp duty in 2017 was 220.6 billion yuan.

The "Decision of the Central Committee of the Communist Party of China on Comprehensively Deepening the Reform of Some Major Issues" puts forward the "implementation of the statutory principle of taxation". The formulation of the stamp duty law is one of the important tasks and has been included in the Standing Committee of the National People's Congress and the State Council's legislative work plan. The formulation of the stamp duty law will help improve the legal system of stamp duty, enhance its scientificity, stability and authority, help build a modern fiscal and taxation system that meets the needs of the socialist market economy, and help deepen reform and opening up and promote the modernization of the state governance system and governance capacity. .

  Second, the overall consideration of the formulation of this law

  From the actual situation, the stamp tax system is basically reasonable and its operation is relatively stable. It can basically keep the current tax system framework and tax burden level unchanged, and raise the "Provisional Regulations" into law. At the same time, according to the development of the situation and the actual tax collection and management, some tax items, tax rates and tax payment methods are adjusted accordingly.

  Third, the main content of the "Draft for Comment"

  (1) About taxpayers.

  Consistent with the Interim Regulations and related regulations, the "Draft for Comment" stipulates that: the taxable documents that have legal effect in the territory of the People's Republic of China, or the units and individuals that conduct securities transactions within the territory of the People's Republic of China, are stamp duty. Taxpayer (first article).

  (2) About the object of taxation.

  Consistent with the Interim Regulations and related regulations, the "Draft for Comment" stipulates that the taxation tax is subject to written contracts, transfer of property rights, business books and rights, license photos, and companies that are listed or transferred. Stocks and depositary receipts issued on a stock-based basis (Articles 2 and 3), the specific tax items and tax rates are implemented in accordance with the Stamp Tax Rate Table attached to this Law (Article 4).

The "Consultation Draft" incorporates stock certificates issued on a stock basis into the scope of collection of stamp duty on securities transactions. The main considerations are: The State Council has clearly carried out pilot projects for the issuance of depositary receipts in innovative enterprises. The depositary receipts are issued in China on the basis of overseas stocks, and are listed and traded on domestic stock exchanges, and are included in the scope of stamp duty collection, and are applicable to stocks. The policy is conducive to maintaining a unified tax system and fair taxation.

  (3) About the tax rate.

  In addition to the appropriate adjustment of the tax rate for a small portion of the tax, the "Draft for Comment" basically maintained the current tax rate. According to the nature of the taxable certificate, the proportional tax rate or the fixed rate is separately applied. Among them: the taxable contract is of different types, and the tax rate is respectively specified as the price of the contract or the remuneration of the contract, or one-thousandth of a thousandth, and one-thousandth of a thousandth; the taxable property transfer rate is the ten thousandth of the payment price. 5. The taxable rights and license tax rate are five yuan each; the taxable business book tax rate is 2.5% of the total amount of paid-up capital (share capital) and capital reserve; the securities transaction tax rate is a thousand of the transaction amount. one.

Compared with the Interim Regulations, the tax rates for the adjustment of the Exposure Draft include:One isFor the degenerate tax rate, fair tax burden, and reduce the disputes arising from the application of the tax rate due to the unclear definition of the contract type, the applicable tax rate for the original processing contract, construction engineering survey and design contract, and cargo transportation contract in the Provisional Regulations shall be reduced by 10,000. Five down to three ten thousandths.two isConsidering that the State Council has decided to reduce and exempt stamp duty from the fund books and other books from May 2018, in order to be consistent with the current policy, the applicable tax rate of the business books is from the paid-up capital (equity) and the total amount of capital reserve. The five-thousandths of a percent fell to 2.5 percent.

  (4) Basis for taxation.

  The "Draft for Comment" stipulates the methods for determining the taxable contract, the transfer of property rights, the business books and rights, the license photo and the basis for the taxation of securities transactions (Article 5), and for the taxable contract and the transfer of property rights. The special circumstances such as the price or remuneration and the non-transfer price of the transferred securities are stipulated, and the method for determining the tax basis is specified (Articles 6 and 7).

  (5) Regarding tax reductions and exemptions.

  The "Draft for Comment" provides six tax exemptions:One isIn order to avoid double taxation, a copy of the corresponding tax certificate or a copy of the tax exemption is tax-free;two isIn order to support agricultural development, the purchase and sale contracts and agricultural insurance contracts concluded by farmers, farmers' professional cooperatives, rural collective economic organizations, and village committees to purchase agricultural production materials or sell self-produced agricultural products are exempt from tax;The third isIn order to support the financing of specific entities, the interest-free loan contract, the loan contract concluded by the international financial organization to provide preferential loans to China, and the loan contract entered into by the financial institution and the small micro enterprise are exempt from tax;Four isIn order to support the development of public utilities, the transfer of property rights signed by property owners to the government, schools, and social welfare agencies is exempt from tax;Five isIn order to support national defense construction, the taxable documents entered into and received by the military and armed police units are exempt from tax;Six isIn order to reduce the burden of personal housing, taxable vouchers for transfer or rental housing are exempt from stamp duty payable by individuals. In order to better meet the actual needs, facilitate camera regulation, and reflect the requirements of the statutory principle of taxation, the "Draft for Comment" stipulates that the State Council may stipulate other circumstances that exempt or reduce stamp duty, but it should be reported to the Standing Committee of the National People's Congress for the record. (Article 11)

  (6) About tax payment methods.

  The "Provisional Regulations" stipulate that the stamp duty shall be implemented by the taxpayer and the method of payment of the stamp duty on the taxable certificate. If the tax amount is large or the number of decals is frequent, the taxpayer may adopt the method of reporting tax on time. In actual implementation, due to the high cost of stamp duty stamping, it is not convenient to pay taxes on decals. Most taxpayers choose to report tax returns and use decals less. At the same time, with the development of modern information technology, a large number of electronic vouchers have emerged, making it difficult to adopt the taxation method of decals. In order to reduce the cost of collection and management, improve the convenience of tax payment, and adapt to the development needs of electronic vouchers, the "Draft for Comment" stipulates that the stamp duty shall be uniformly applied for tax payment, and the taxation method of decals shall no longer be used (Articles 15 and 16). The stamp duty on securities transactions is still subject to the method of withholding and payment by the securities registration and settlement institution in accordance with the current regulations (Articles 13 and 15).

  (7) Regarding the adjustment of the stamp duty policy for securities transactions.

  In order to be flexible and proactive, to facilitate camera regulation, and to better meet actual needs, the "Draft for Comment" stipulates that the taxpayer and tax rate adjustment of the securities transaction stamp tax shall be decided by the State Council and reported to the Standing Committee of the National People's Congress for the record (Article 18).

In addition, the "Draft for Comment" also stipulates the calculation method of the taxable amount of stamp duty, the time when the tax liability occurs, the tax period and the place of taxation, and the payment and refund of taxes.

  解读>>>

  The stock stamp tax adjustment right is granted to the State Council. Experts call the stock market adjustment to leave room.

  The draft of the consultation draft is issued to the State Council! Look at the previous adjustments in stock market performance

(Article source: State Administration of Taxation)

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Source: State Administration of Taxation Editor: Eastern Fortune Network

The Ministry of Finance today issued the "People's Republic of China Stamp Tax Law (Draft for Comment)" and began to publicly solicit opinions from the public. It shows that the tax rate of the stamp duty on securities transactions remains unchanged, and it is flexible and proactive, easy to control by the camera, and better adapted to actual needs. The taxpayer and tax rate adjustment of the stamp duty of securities transactions is decided by the State Council and reported to the Standing Committee of the National People's Congress for the record.

  "People's Republic of China Stamp Tax Law (Draft for Comment)" for comments

In order to implement the statutory principles of taxation, increase the participation of the public in legislation, broaden the consensus of the society, and promote scientific legislation, democratic legislation, and open-door legislation, we drafted the "People's Republic of China Stamp Tax Law (Draft for Comment)", which is now open to the public for comments. . The public can submit their opinions by the following channels and methods before November 30, 2018:

1. Submit comments through the comments collection system on the homepage of the State Administration of Taxation (website: http://www.chinatax.gov.cn/).

2. Send the comments by letter to: Property and Behavior Tax Department of the State Administration of Taxation, No. 5, Yangfangdian West Road, Haidian District, Beijing (postal code: 100038), and indicate on the envelope the words “Public Tax Law for Comments”.

Ministry of Finance, State Administration of Taxation

November 1, 2018

  People's Republic of China Stamp Tax Law

(draft for comments)

  FirstTaxpayers who enter into or receive taxable vouchers that have legal effect in the territory of the People's Republic of China, or who conduct securities transactions within the territory of the People's Republic of China, shall be subject to stamp duty in accordance with the provisions of this Law.

  SecondThe taxable vouchers referred to in this Law refer to the written forms of contracts, property rights transfer books, business books and rights, and license photos as stipulated in the Stamp Tax Rate Table attached to this Law.

  Article 3The term "sales securities" as used in this Law refers to the transfer of company stocks and stock-issued depositary receipts on the stock exchanges established according to law or at other stock exchanges approved by the State Council.

  Article 4The tax items and tax rates of stamp duty shall be implemented in accordance with the “Tax Tax and Tax Rate Table” attached to this Law.

  The fifth The basis for the taxation of stamp duty is determined by the following methods:

(1) The taxation basis of the taxable contract shall be the price or remuneration specified in the contract, excluding the VAT tax; if the price or remuneration of the contract is not separately stated in the tax and the VAT tax, it shall be determined according to the total amount.

(2) The taxation basis of the taxable property transfer book is the price listed in the property transfer book, excluding the value-added tax; if the median transfer price and the value-added tax are not separately listed, according to the total The amount is determined.

(3) The taxation basis of the taxable business account book is the paid-up capital (equity) and the total amount of capital reserve recorded in the business account book.

(4) The basis for taxation of taxable rights and licenses shall be determined on a case-by-case basis.

(5) The taxation basis for securities transactions is the transaction amount.

  Article 6If the taxable contract or the transfer of property rights does not specify the price or remuneration, the taxation basis shall be determined according to the following methods:

(1) Determined according to the market price at the time of conclusion of the contract or the transfer of property rights; if the government price should be implemented according to law, it shall be determined in accordance with its provisions.

(2) If it cannot be determined in accordance with the method specified in the first paragraph of this Article, it shall be determined according to the actual settlement price or remuneration.

  Article 7If there is no transfer price when transferring securities by means of decentralized transactions, the tax calculation basis shall be determined according to the closing price of the previous trading day of the transfer registration procedure; if there is no closing price before the transaction date of the transfer registration procedure, the tax calculation shall be determined according to the face value of the securities. in accordance with.

  eighth The taxable amount of stamp duty is calculated as follows:

(1) The taxable amount of the taxable contract is the price or the remuneration multiplied by the applicable tax rate;

(2) The taxable amount of the taxable property transfer document is the price multiplied by the applicable tax rate;

(3) The taxable amount of the taxable business account book is the paid-up capital (share capital) and the total amount of capital reserve multiplied by the applicable tax rate;

(4) The taxable amount of the taxable right and the license photo shall be the applicable tax amount;

(5) The taxable amount of securities transactions shall be the transaction amount or the taxation basis determined in accordance with the provisions of Article 7 of this Law multiplied by the applicable tax rate.

  Article 9If the same taxable certificate contains two or more economic items and separately lists the price or remuneration, the taxable amount shall be calculated according to the respective applicable tax rate; if the price or remuneration is not separately listed, the taxable amount shall be calculated according to the high tax rate. .

  Article 10Where the same taxable certificate is entered into by two or more parties, the taxable amount shall be calculated separately according to the price or remuneration involved.

  Article 11Exemption or reduction of stamp duty in the following cases:

(1) A copy or copy of the taxable certificate is exempt from stamp duty;

(2) The sales contract and agricultural insurance contract concluded by farmers, farmers' professional cooperatives, rural collective economic organizations, and villagers' committees to purchase agricultural production materials or sell self-produced agricultural products, exempt from stamp duty;

(3) The interest-free or interest-bearing loan contract, the loan contract concluded by the international financial organization to provide concessional loans to China, and the loan contract concluded between the financial institution and the small and micro enterprise, exempt from stamp duty;

(4) The property owner transfers the property to the government, the school or the social welfare institution for the transfer of property rights, exempt from stamp duty;

(5) Taxable documents entered into and received by the armed forces and armed police units are exempt from stamp duty;

(6) The taxable documents entered into by the transfer or lease of housing shall be exempt from the stamp duty payable by individuals (excluding individual industrial and commercial households);

(7) Other circumstances in which the State Council stipulates that the stamp duty shall be exempted or reduced.

The provisions of the seventh paragraph of the preceding paragraph exemption or reduction of stamp duty shall be reported by the State Council to the Standing Committee of the National People's Congress for the record.

  Article 12The stamp duty shall be levied and managed by the tax authorities in accordance with this Law and the relevant provisions of the Law of the People's Republic of China on Tax Collection and Administration.

  Article 13The securities registration and settlement institution is the withholding agent of the stamp transaction of securities transactions.

  Article 14The stamp duty is incurred on the date when the taxpayer enters into, receives the taxable certificate or completes the securities transaction.

The securities transaction stamp duty withholding obligation occurs on the date when the securities transaction is completed.

  Article 15The unit taxpayer shall report and pay the stamp duty to the competent tax authority where the institution is located; the individual taxpayer shall report and pay the stamp duty to the tax authorities that have entered into the taxable certificate, received the place or the place of residence.

Where a taxpayer sells or transfers the property rights of real estate, it shall report to the tax authorities where the real estate is located and pay the stamp duty.

The withholding agent of the securities transaction stamp duty shall report and pay the withholding tax to the competent tax authority at the place where the institution is located.

  Article 16Stamp duty is calculated on a quarterly, yearly or weekly basis. If the tax is calculated on a quarterly or annual basis, the taxpayer shall declare and pay the tax within 15 days from the end of the quarter and the end of the year. If the tax is calculated on a per-time basis, the taxpayer shall declare and pay the tax within 15 days from the date of the tax liability.

The stamp duty on securities transactions is paid off on a weekly basis. The withholding agent of the securities transaction stamp duty shall declare the tax and interest to be paid within five days from the end of the week.

  Article 17If the price or remuneration of the voucher that has paid the stamp duty increases, the taxpayer shall pay the stamp duty; if the price or remuneration of the voucher that has paid the stamp duty is reduced, the taxpayer may apply to the competent tax authority for the refund of the stamp duty.

  Article 18The taxpayer of the securities transaction stamp tax or the adjustment of the tax rate shall be decided by the State Council and reported to the Standing Committee of the National People's Congress for the record.

  Article 19If the taxpayer, the withholding agent of the stamp duty on securities transactions, and the tax authorities and their staff violate the provisions of this Law, they shall be investigated for legal responsibility in accordance with the Law of the People's Republic of China on Tax Collection and Administration and relevant laws and regulations.

  Article 20This Law shall come into force on the day of the month. The "Provisional Regulations on Stamp Duty of the People's Republic of China" promulgated by the State Council on August 6, 1988 shall be repealed at the same time.

  Stamp duty tax rate table

  Explanation of the "People's Republic of China Stamp Tax Law (Draft for Comment)"

In order to implement the statutory principle of taxation, in accordance with the decision-making arrangements of the Party Central Committee and the State Council, the Ministry of Finance and the State Administration of Taxation, together with the relevant departments, drafted the "People's Republic of China Stamp Tax Law (Draft for Comment)" (hereinafter referred to as "Draft for Comment"). The description is as follows:

  I. The necessity of enacting this law

  In August 1988, the State Council promulgated the "Provisional Regulations on Stamp Duty of the People's Republic of China" (hereinafter referred to as the "Provisional Regulations"), which stipulates that since October 1, 1988, taxable certificates such as books, contracts, and property rights transfer documents have been issued. Units and individuals impose stamp duty. According to the nature of the taxable certificate, the stamp duty is levied at a proportional rate or on a fixed basis. In 1992, the national unified regulations imposed stamp duty on securities transactions in the Shanghai and Shenzhen stock markets. After many policy adjustments, the current stamp duty on securities transactions was imposed on the transferor at a rate of 1‰. From 1988 to 2017, the country's accumulated stamp duty was 214.5 billion yuan, an average annual increase of 19.1%, of which the stamp duty in 2017 was 220.6 billion yuan.

The "Decision of the Central Committee of the Communist Party of China on Comprehensively Deepening the Reform of Some Major Issues" puts forward the "implementation of the statutory principle of taxation". The formulation of the stamp duty law is one of the important tasks and has been included in the Standing Committee of the National People's Congress and the State Council's legislative work plan. The formulation of the stamp duty law will help improve the legal system of stamp duty, enhance its scientificity, stability and authority, help build a modern fiscal and taxation system that meets the needs of the socialist market economy, and help deepen reform and opening up and promote the modernization of the state governance system and governance capacity. .

  Second, the overall consideration of the formulation of this law

  From the actual situation, the stamp tax system is basically reasonable and its operation is relatively stable. It can basically keep the current tax system framework and tax burden level unchanged, and raise the "Provisional Regulations" into law. At the same time, according to the development of the situation and the actual tax collection and management, some tax items, tax rates and tax payment methods are adjusted accordingly.

  Third, the main content of the "Draft for Comment"

  (1) About taxpayers.

  Consistent with the Interim Regulations and related regulations, the "Draft for Comment" stipulates that: the taxable documents that have legal effect in the territory of the People's Republic of China, or the units and individuals that conduct securities transactions within the territory of the People's Republic of China, are stamp duty. Taxpayer (first article).

  (2) About the object of taxation.

  Consistent with the Interim Regulations and related regulations, the "Draft for Comment" stipulates that the taxation tax is subject to written contracts, transfer of property rights, business books and rights, license photos, and companies that are listed or transferred. Stocks and depositary receipts issued on a stock-based basis (Articles 2 and 3), the specific tax items and tax rates are implemented in accordance with the Stamp Tax Rate Table attached to this Law (Article 4).

The "Consultation Draft" incorporates stock certificates issued on a stock basis into the scope of collection of stamp duty on securities transactions. The main considerations are: The State Council has clearly carried out pilot projects for the issuance of depositary receipts in innovative enterprises. The depositary receipts are issued in China on the basis of overseas stocks, and are listed and traded on domestic stock exchanges, and are included in the scope of stamp duty collection, and are applicable to stocks. The policy is conducive to maintaining a unified tax system and fair taxation.

  (3) About the tax rate.

  In addition to the appropriate adjustment of the tax rate for a small portion of the tax, the "Draft for Comment" basically maintained the current tax rate. According to the nature of the taxable certificate, the proportional tax rate or the fixed rate is separately applied. Among them: the taxable contract is of different types, and the tax rate is respectively specified as the price of the contract or the remuneration of the contract, or one-thousandth of a thousandth, and one-thousandth of a thousandth; the taxable property transfer rate is the ten thousandth of the payment price. 5. The taxable rights and license tax rate are five yuan each; the taxable business book tax rate is 2.5% of the total amount of paid-up capital (share capital) and capital reserve; the securities transaction tax rate is a thousand of the transaction amount. one.

Compared with the Interim Regulations, the tax rates for the adjustment of the Exposure Draft include:One isFor the degenerate tax rate, fair tax burden, and reduce the disputes arising from the application of the tax rate due to the unclear definition of the contract type, the applicable tax rate for the original processing contract, construction engineering survey and design contract, and cargo transportation contract in the Provisional Regulations shall be reduced by 10,000. Five down to three ten thousandths.two isConsidering that the State Council has decided to reduce and exempt stamp duty from the fund books and other books from May 2018, in order to be consistent with the current policy, the applicable tax rate of the business books is from the paid-up capital (equity) and the total amount of capital reserve. The five-thousandths of a percent fell to 2.5 percent.

  (4) Basis for taxation.

  The "Draft for Comment" stipulates the methods for determining the taxable contract, the transfer of property rights, the business books and rights, the license photo and the basis for the taxation of securities transactions (Article 5), and for the taxable contract and the transfer of property rights. The special circumstances such as the price or remuneration and the non-transfer price of the transferred securities are stipulated, and the method for determining the tax basis is specified (Articles 6 and 7).

  (5) Regarding tax reductions and exemptions.

  The "Draft for Comment" provides six tax exemptions:One isIn order to avoid double taxation, a copy of the corresponding tax certificate or a copy of the tax exemption is tax-free;two isIn order to support agricultural development, the purchase and sale contracts and agricultural insurance contracts concluded by farmers, farmers' professional cooperatives, rural collective economic organizations, and village committees to purchase agricultural production materials or sell self-produced agricultural products are exempt from tax;The third isIn order to support the financing of specific entities, the interest-free loan contract, the loan contract concluded by the international financial organization to provide preferential loans to China, and the loan contract entered into by the financial institution and the small micro enterprise are exempt from tax;Four isIn order to support the development of public utilities, the transfer of property rights signed by property owners to the government, schools, and social welfare agencies is exempt from tax;Five isIn order to support national defense construction, the taxable documents entered into and received by the military and armed police units are exempt from tax;Six isIn order to reduce the burden of personal housing, taxable vouchers for transfer or rental housing are exempt from stamp duty payable by individuals. In order to better meet the actual needs, facilitate camera regulation, and reflect the requirements of the statutory principle of taxation, the "Draft for Comment" stipulates that the State Council may stipulate other circumstances that exempt or reduce stamp duty, but it should be reported to the Standing Committee of the National People's Congress for the record. (Article 11)

  (6) About tax payment methods.

  The "Provisional Regulations" stipulate that the stamp duty shall be implemented by the taxpayer and the method of payment of the stamp duty on the taxable certificate. If the tax amount is large or the number of decals is frequent, the taxpayer may adopt the method of reporting tax on time. In actual implementation, due to the high cost of stamp duty stamping, it is not convenient to pay taxes on decals. Most taxpayers choose to report tax returns and use decals less. At the same time, with the development of modern information technology, a large number of electronic vouchers have emerged, making it difficult to adopt the taxation method of decals. In order to reduce the cost of collection and management, improve the convenience of tax payment, and adapt to the development needs of electronic vouchers, the "Draft for Comment" stipulates that the stamp duty shall be uniformly applied for tax payment, and the taxation method of decals shall no longer be used (Articles 15 and 16). The stamp duty on securities transactions is still subject to the method of withholding and payment by the securities registration and settlement institution in accordance with the current regulations (Articles 13 and 15).

  (7) Regarding the adjustment of the stamp duty policy for securities transactions.

  In order to be flexible and proactive, to facilitate camera regulation, and to better meet actual needs, the "Draft for Comment" stipulates that the taxpayer and tax rate adjustment of the securities transaction stamp tax shall be decided by the State Council and reported to the Standing Committee of the National People's Congress for the record (Article 18).

In addition, the "Draft for Comment" also stipulates the calculation method of the taxable amount of stamp duty, the time when the tax liability occurs, the tax period and the place of taxation, and the payment and refund of taxes.

  Interpretation >>>

  The stock stamp tax adjustment right is granted to the State Council. Experts call the stock market adjustment to leave room.

  The draft of the consultation draft is issued to the State Council! Look at the previous adjustments in stock market performance

(Article source: State Administration of Taxation)