The Ministry of Finance openly solicited opinions on the stamp duty law (Draft).

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 The Ministry of Finance openly solicited opinions on the stamp duty law (Draft).


1. Put forward opinions through the Information Management System for Soliciting Opinions on Financial Regulations on the homepage of the website of the Ministry of Finance of the Peoples Republic of China (website: http://www.mof.gov.cn).

2. Send the opinions by letter to the Department of Regulations and Law of the Ministry of Finance, No. 3 Sanxiang Henan, Sanli, Xicheng District, Beijing (postcode 100820), with the words Stamp Tax Law for Advice on the envelope.

November 1, 2018

Stamp duty law of the Peoples Republic of China

(Draft)

Article 1 Units and individuals that have concluded or accepted legally valid tax receipts within the territory of the Peoples Republic of China or have conducted securities trading within the territory of the Peoples Republic of China shall be taxpayers of stamp duty and shall pay stamp duty in accordance with the provisions of this Law.

Article 2 Taxable certificates as mentioned in this Law refers to contracts in written form, transfer documents of property rights, business account books, rights and licences stipulated in the Stamp Tax Account Tax Rate Table attached to this Law.

Article 3 The term securities trading as used in this Law refers to the listing and trading of the companys stocks on a legally established stock exchange or the transfer of the companys stocks and certificates of deposit issued on the basis of stocks at other stock exchanges approved by the State Council.

The tax items and rates of the fourth stamp duty shall be implemented in accordance with the table of stamp duty tax rates attached to this law.

The basis of the fifth stamp duty is determined according to the following methods:

(1) The taxable basis of a taxable contract shall be the price or remuneration specified in the contract, excluding the value-added tax; if the price or remuneration in the contract is not separated from the value-added tax, it shall be determined according to the aggregate amount.

(2) The taxable basis for the taxable certificate of transfer of property rights shall be the price specified in the certificate of transfer of property rights, excluding the value-added tax; if the value in the certificate of transfer of property rights is not separated from the value-added tax, it shall be determined according to the aggregate amount.

(3) The taxable basis of the taxable business account book shall be the total amount of capital (equity) and capital reserve recorded in the business account book.

(four) the tax basis for taxable rights and license certificates shall be determined according to the parts.

Article 6 Where the price or remuneration is not specified in the taxable contract or the transfer document of property rights, the tax basis shall be determined according to the following methods:

(1) The market price shall be determined in accordance with the contract concluded and the document of transfer of property rights; if the government shall fix the price according to law, the price shall be determined in accordance with its provisions.

(2) If it cannot be determined in accordance with the method prescribed in paragraph 1 of this Article, it shall be determined in accordance with the actual settlement price or remuneration.

Article 7 Where there is no transfer price in the transfer of securities by means of non-centralized transactions, the basis for tax calculation shall be determined according to the closing price of the trading day prior to the registration of the transfer of securities; if there is no closing price on the trading day prior to the registration of the transfer of securities, the basis for tax calculation shall be determined according to the calculation of the face value of the securities.

The eighth stamp duty payable shall be calculated according to the following methods:

(1) the taxable amount of the taxable contract shall be multiplied by the applicable tax rate for the price or remuneration.

(two) the taxable amount of the taxable property transfer book shall be multiplied by the applicable tax rate.

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

(four) the taxable right and the amount of tax payable for the license are applicable tax.

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

Article 9 Where the same taxable document contains two or more economic items and specifies the price or remuneration separately, the amount of tax payable shall be calculated according to the respective applicable tax rate; if the price or remuneration is not specified separately, the amount of tax payable shall be calculated according to the higher tax rate.

Article 10 Where the same taxable certificate is concluded by two or more parties, the amount of tax payable shall be calculated separately according to the respective prices or remuneration involved.

The eleventh is the exemption or reduction of stamp duty under the following circumstances:

(1) a copy or transcript of taxable documents shall be exempted from stamp duty.

(3) Stamp duty is exempted from interest-free or discounted loan contracts, loan contracts concluded by international financial organizations providing preferential loans to China, loan contracts concluded by financial institutions and small and micro-enterprises;

(4) The owner of the property donates the property to a certificate of transfer of property rights concluded by the government, a school or a social welfare institution, exempting from stamp duty;

(five) the tax receipts made and received by the armed forces and the armed police force shall be exempted from stamp duty.

(6) Taxable certificates for the transfer or lease of housing shall be exempted from the stamp duty payable by individuals (excluding individual industrial and commercial households);

(seven) other circumstances where the State Council provides for stamp duty reduction or reduction.

The provisions of Item 7 of the preceding paragraph concerning the exemption or reduction of stamp duty shall be submitted by the State Council to the Standing Committee of the National Peoples Congress for the record.

The thirteenth securities registration and clearing institutions are the withholding agents for stamp duty on securities transactions.

Article 14 The time when the duty of stamp duty occurs is the day on which the taxpayer concludes, receives or completes the securities transaction.

The time of withholding obligations for stamp duty on securities transactions is the day when securities transactions are completed.

Article 15 A unit taxpayer shall declare and pay stamp tax to the competent tax authorities in the place where the institution is located; an individual taxpayer shall declare and pay stamp tax to the tax authorities in the place where the tax receipt or residence of the taxable certificate is concluded.

The withholding agent of the stamp tax on securities trading shall declare and pay the withheld tax to the competent tax authority in the place where the securities trading institution is located.

The sixteenth stamp duty is quarterly, yearly or sub - time. If the tax is levied quarterly or annually, the taxpayer shall declare and pay the tax within 15 days of the quarterly or the end of the year. Taxpayers shall declare and pay the tax within 15 days from the date of the occurrence of the tax obligation if the tax is levied according to the schedule.

Stamp duty on securities transactions is paid weekly. The withholding agent of the stamp tax on securities trading shall declare and pay the tax and the fruits within five days from the end of each week.

Article 17 Where the price or remuneration contained in the certificates for which the stamp duty has been paid increases, the taxpayer shall pay the stamp duty; if the price or remuneration contained in the certificates for which the stamp duty has been paid decreases, the taxpayer may apply to the competent tax authority for the refund of the stamp duty.

Article 18 The taxpayer or tax rate adjustment of stamp duty on securities trading shall be decided by the State Council and submitted to the Standing Committee of the National Peoples Congress for the record.

Article 19 Taxpayers, withholding agents of stamp tax on securities transactions, tax authorities and their staff who violate the provisions of this Law shall be investigated for legal liability in accordance with the Law of the Peoples Republic of China on the Administration of Tax Collection and the relevant laws and regulations.

The twentieth law comes into effect on the date of January. The Provisional Regulations on stamp duty of Peoples Republic of China promulgated by the State Council on August 6, 1988 shall be abolished simultaneously.

On the stamp duty law of the Peoples Republic of China

(Draft)

In order to implement the principle of legally prescribed taxation, the Ministry of Finance and the General Administration of Taxation, together with relevant departments, drafted the Stamp Tax Law of the Peoples Republic of China (Draft for Consultation) (hereinafter referred to as Draft for Consultation) in accordance with the decision-making and deployment of the Central Committee of the Party and the State Council. The following are the following:

1. The necessity of formulating this law.

In August 1988, the State Council promulgated the Interim Regulations of the Peoples Republic of China on Stamp Tax (hereinafter referred to as the Interim Regulations), which stipulated that from October 1, 1988, stamp duty should be levied on units and individuals that have written, accepted contracts and transferred certificates of property rights. According to the nature of taxable vouchers, stamp duty is calculated on a pro rata tax rate or on a quota basis. In 1992, the state unified provisions on the Shanghai and Shenzhen stock exchanges stamp duty, after many policy adjustments, the current stock exchange stamp duty is levied on the transferor at a rate of 1_. From 1988 to 2017, a total of 2145 billion yuan of stamp duty was levied nationwide, an average annual increase of 19.1%, of which 22.6 billion yuan was levied in 2017.

The Decision of the Central Committee of the Communist Party of China on Several Major Issues Concerning the Comprehensive and Deepening Reform puts forward the principle of legally prescribed taxation. The formulation of the Stamp Tax Law is one of the important tasks and has been listed in the legislative work plan of the Standing Committee of the National Peoples Congress and the State Council. The enactment of the Stamp Tax Law is conducive to perfecting the legal system of the Stamp Tax, enhancing its scientificity, stability and authority, building a modern fiscal and taxation system that meets the needs of the socialist market economy, deepening reform and opening up, and promoting the modernization of the national governance system and governance capacity.

Two. Overall consideration of the formulation of this law.

From the actual situation, the stamp tax system elements are basically reasonable, running smoothly, can basically maintain the current tax system framework and the overall level of tax burden remains unchanged, the Interim Regulations will be raised to law. At the same time, according to the development and changes of the situation and the actual situation of tax collection and management, some items of tax, tax rates and tax methods should be adjusted accordingly.

Three, the main contents of the draft.

(1) about taxpayers.

In conformity with the Provisional Regulations and other relevant provisions, the Draft for Soliciting Opinions stipulates that the taxpayers of stamp duty shall be the units and individuals that have concluded or accepted legally valid tax-payable certificates within the territory of the Peoples Republic of China or have conducted securities transactions within the territory of the Peoples Republic of China (Article 1).

(two) the object of taxation.

Consistent with the Provisional Regulations and other relevant provisions, the Draft for Soliciting Opinions stipulates that stamp duty shall be levied on contracts in written form, certificates of transfer of property rights, business books and rights, licences, shares of listed or listed companies and certificates of deposit issued on the basis of stocks (Article 2) Article 3) Specific tax items and tax rates shall be implemented in accordance with the Stamp Tax Item Tax Rate Table attached to this Law (Article 4).

The draft will include stock-based certificates of deposit in the scope of stamp duty on securities trading. The main considerations are as follows: the State Council has clearly launched a pilot project of issuing depositary receipts within the territory of innovative enterprises. The depositary receipts are issued in China on the basis of foreign stocks and are listed and traded on the domestic stock exchanges. They are included in the stamp tax levy scope and are applicable to the same policies as stocks, which is conducive to maintaining the unification of the tax system and the public tax burden. Flat.

(three) about the tax rate.

The draft for consultation basically maintained the current tax rate level, except for the proper adjustment of the tax rates for a few tax items. According to the nature of taxable vouchers, the proportional tax rate or the fixed tax rate shall be applied separately. Among them: taxable contracts according to different types, the tax rates are three thousandths of the contract price or remuneration, zero.5 thousandth of the contract, and one thousandth of the remuneration; the tax rate of the transfer of taxable property rights is five thousandths of the payment price; the tax rate of the taxable rights and licenses is five yuan per piece; and the tax rate of the taxable business account book is the paid capital (shares). 2.5% of the total amount of capital reserve; the tax rate on securities trading is 1/1000 of the total amount of transaction.

Compared with the Provisional Regulations, the tax rates adjusted in the Draft for Consulting Opinions include: firstly, in order to simplify the tax rate and fairly tax burden, reduce the disputes caused by the unclear definition of the types of contracts on the applicable tax rates, the application of the original processing contract, the contract for investigation and design of construction projects and the contract for the carriage of goods in the Provisional Regulations. The tax rate dropped from 5/10000 to 3/10000. Second, considering that the State Council has decided to reduce and exempt stamp duty on capital account books and other account books from May 2018, in order to keep consistent with the current policy, the applicable tax rate of business account books will be reduced from 5/10 of the total amount of paid-in capital (equity) and capital reserve to 2.5/10.

(four) the basis for tax assessment.

The Draft for Soliciting Opinions provides for the determination of taxable contracts, transfer documents of property rights, business account books and rights, licenses and tax basis for securities transactions (Article 5), and stipulates regulations in light of special circumstances such as non-specified prices or remuneration in tax-payable contracts, transfer documents of property rights and non-transfer prices of transferred securities. The method of determining the basis of taxation is fixed (sixth articles and seventh articles).

(five) about tax relief.

The Draft for Consulting Opinions stipulates six exemptions: first, to avoid duplicate taxation, duplicates or copies of corresponding tax vouchers are exempted from tax; second, to support agricultural development, purchases of agricultural means of production or sales of self-produced agricultural products are made by farmers, farmersprofessional cooperatives, rural collective economic organizations and villagers committees. Sale contracts and agricultural insurance contracts are exempt from tax; third, to support the financing of specific subjects, the loan contracts concluded by non-interest or discount loans, the loan contracts concluded by international financial organizations providing preferential loans to China, and the loan contracts concluded by financial institutions and small and micro enterprises; fourth, to support the development of public utilities and property ownership. Property transfer documents concluded by the government, schools and social welfare institutions are exempted from tax; the fifth is to support the national defense construction and exempt the taxable documents concluded and accepted by the army and armed police forces; the sixth is to lighten the burden of individual housing, and the fifth is to exempt the taxable documents concluded for the transfer and lease of housing from the stamp that individuals should pay. Flower tax. In order to better meet the actual needs, facilitate camera control, and reflect the requirements of the statutory principle of taxation, the draft for consultation stipulates that the State Council may stipulate other cases of exemption or reduction of stamp duty, but shall report them to the Standing Committee of the National Peoples Congress for the record. (eleventh)

(six) about the way of paying taxes.

The Provisional Regulations stipulate that stamp duty shall be paid by taxpayers who purchase stamp tax tickets and paste them on tax-payable vouchers. If the amount of tax payable is large or the number of decals is frequent, the taxpayers may declare and pay tax on time. In practice, due to the high cost of keeping stamp tax tickets and inconvenience of Decal tax payment, most taxpayers choose to collect and declare tax, and less use Decal tax. At the same time, with the development of modern information technology, there are a large number of electronic vouchers, it is difficult to use Decal tax. In order to reduce the cost of collection and management, improve the convenience of tax payment, and meet the needs of the development of electronic vouchers, the draft of soliciting opinions stipulates that the stamp tax shall be declared and paid in a unified manner, and shall no longer be paid in the form of decals (Articles 15 and 16). Stamp duty on securities transactions shall be withheld and paid by securities registration and clearing institutions in accordance with the current provisions (Articles 13 and 15). (seven) the adjustment of stamp duty policy on securities transactions. In order to be flexible, active, easy to adjust and control by camera, and better meet the actual needs, the draft for consultation stipulates that the taxpayer and tax rate adjustment of stamp duty on securities trading shall be decided by the State Council and submitted to the Standing Committee of the National Peoples Congress for the record (Article 18). In addition, the draft also provides for the calculation method of stamp duty payable, the time of tax obligation, the time limit of tax payment and the place of tax declaration, as well as the payment and refund of tax. Source: Ministry of Finance website responsibility editor: Li Cong _B11284

The Provisional Regulations stipulate that stamp duty shall be paid by taxpayers who purchase stamp tax tickets and paste them on tax-payable vouchers. If the amount of tax payable is large or the number of decals is frequent, the taxpayers may declare and pay tax on time. In practice, due to the high cost of keeping stamp tax tickets and inconvenience of Decal tax payment, most taxpayers choose to collect and declare tax, and less use Decal tax. At the same time, with the development of modern information technology, there are a large number of electronic vouchers, it is difficult to use Decal tax. In order to reduce the cost of collection and management, improve the convenience of tax payment, and meet the needs of the development of electronic vouchers, the draft of soliciting opinions stipulates that the stamp tax shall be declared and paid in a unified manner, and shall no longer be paid in the form of decals (Articles 15 and 16). Stamp duty on securities transactions shall be withheld and paid by securities registration and clearing institutions in accordance with the current provisions (Articles 13 and 15).

(seven) the adjustment of stamp duty policy on securities transactions.

In order to be flexible, active, easy to adjust and control by camera, and better meet the actual needs, the draft for consultation stipulates that the taxpayer and tax rate adjustment of stamp duty on securities trading shall be decided by the State Council and submitted to the Standing Committee of the National Peoples Congress for the record (Article 18).