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Chinanews.com client Beijing, November 2nd The Ministry of Finance and the State Administration of Taxation announced the "People's Republic of China Stamp Tax Law (Draft for Comment)" on the 1st, and publicly solicited opinions from the public. The amendment is to raise the "Temporary Regulations on Stamp Duty" into law. Among them, there are four major points worthy of attention.
The Temporary Regulations on Stamp Duty will rise to law
In August 1988, the State Council promulgated the "Provisional Regulations on Stamp Duty of the People's Republic of China", which stipulates that since October 1, 1988, stamp duty will be levied on units and individuals that have obtained taxable certificates such as books, contracts, and property transfer documents.
Data show that from 1988 to 2017, the country's cumulative 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.
"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." The Ministry of Finance and the State Administration of Taxation pointed out in the relevant explanations. The development of the stamp duty law will help improve the legal system of stamp duty and enhance its scientific, stable and authoritative nature.
The stamp duty on securities transactions is intended to remain unchanged at the same rate
In terms of taxpayers, the "Draft for Comment" is consistent with the "Provisional Regulations" and related provisions: the establishment and acceptance of taxable documents with legal effect in the territory of the People's Republic of China, or units and individuals engaged in securities transactions within the territory of the People's Republic of China. , a taxpayer for stamp duty.
In terms of tax rates, the "Draft for Comment" has basically maintained the current tax rate in addition to the appropriate adjustment of the tax rate for a small portion of the tax. 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; 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 paid-up capital (share capital) and capital reserve; the securities transaction tax rate is a thousand of the transaction amount. one.
It is worth noting that under the current stock market volatility, there is a voice suggesting to reduce the stamp duty on securities transactions to boost the stock market. However, according to the "Draft for Comment", the stamp duty on securities transactions remains unchanged at the same rate.
Securities trading stamp tax adjustment rights are intended to be returned to the State Council
The "Draft for Comment" stipulates that the 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.
Zhao Xijun, deputy dean of the School of Finance and Finance of Renmin University of China, believes that this is equivalent to an authorized act, which means that the National People's Congress authorizes the State Council to decide on the adjustment of stamp duty on securities transactions.
The Ministry of Finance and the State Administration of Taxation also pointed out in the relevant instructions that this is to better meet the actual needs, to facilitate camera regulation, and to reflect the requirements of the statutory principle of taxation.
6 cases are expected to be tax-free, and purchases can be exempted
The "Draft for Comment" stipulates six types of tax exemption: First, in order to avoid double taxation, a copy of the corresponding tax certificate or a copy of the tax exemption is exempt;
Second, in 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 villagers committees to purchase agricultural production materials or sell self-produced agricultural products are tax-free;
The third is 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 concluded by financial institutions and small and micro enterprises;
Fourth, in 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;
The fifth is to support the construction of national defense, and tax exemption for taxable documents entered into and received by the military and armed police units;
Sixth, in order to reduce the burden of personal housing, taxable vouchers for transfer and rental housing are exempt from stamp duty payable by individuals.
In other words, there is no need to pay stamp duty to buy a house, and it is expected to be further determined through legislative forms.
According to Yan Yuejin, research director of the Think Tank Research Center of Yiju Research Institute, from the actual situation, stamp duty is not a relatively large tax in real estate transactions. In the real estate transaction, buyers pay more attention to the tax types such as deed tax, value-added tax and personal income tax. However, the reduction in the cost of stamp duty, in fact, can also reduce the cost of the sale and lease, so it is positive.
(Article source: China News Network)
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