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| Home > news > Analysis: reduce stamp duty in the end can affect the market geometry? |
Analysis: reduce stamp duty in the end can
affect the market geometry? |
¡¡Recently, the Ministry of Finance and the State Administration of Taxation issued a notice, the introduction of business tax preferential policies on capital market, stock exchange, futures exchange, securities company, futures brokerage company related to business tax reduction. The introduction of the tax cuts are considered by the industry to implement the "State Council on promoting the capital market reform and opening up and stable development of a number of opinions" to improve the capital market tax policy for the. The industry believes that this is also a signal that the stock market stamp tax adjustment is not far away.
Stamp tax reform has been the concern of the industry, some countries in the world of stamp duty on securities transactions is unilateral levy, such as the United States, Britain, etc.. Compared with the main international stock market, China's current securities transaction stamp tax system, narrow tax base, tax rate, bilateral levy, greatly increased the transaction cost, suppress the trading behavior of investors, reduce the degree of active market, damage the market efficiency. Therefore, how to reduce stamp duty and how to reduce the industry has always been the focus of controversy.
According to one source, the income tax on dividends from listed companies, the recent may be hopeless. Because the current domestic and foreign enterprise income tax unified program has not been introduced, the enterprise income tax law has not been considered by the NPC, the bonus tax cuts can not be determined. However, the stamp duty on securities transactions tax plan has been drafted, pending approval of the relevant departments, is expected to be introduced this year. In the process of making the tax reduction plan, several schemes have been designed, including exemption, unilateral collection and tax reduction. Finally, considering the same point of transaction fairness principle, plans rate from 2 down to 1 per thousand per thousand, still bilateral levy.
The source stressed that this program is not a strong Weakness lends wings to rumours., but the policy background. The State Council issued the "nine opinions" clearly pointed out that the research and development to encourage public investment in tax policy. This shows that the management on the policy side to support and encourage the development of the securities market through tax reform intention has been very obvious. The tax policy to encourage the public to invest in the final or to reduce taxes and fees, reduce the transaction costs of investors to achieve. Therefore, the reform of stamp duty should be imperative, just a matter of time.
Insiders pointed out that the current stock market investors China tax burden can be said to be the highest in the world, stamp duty two-way 4 1000 not to say, you should pay 20% bonus dividend income tax, stamp tax and belong to the Hongkong stock market China only 1 per thousand, and one-way dividends do not pay taxes, the United States, Britain, Canada and other major world the stock market has long been exempt from stamp duty. Therefore, to reduce the stamp tax appears to be "big", may not be immediately for the market much incremental funding, but the move has directional significance to effectively protect the interests of investors ", will undoubtedly help to restore investor confidence, is likely to be" 42 pounds".
According to the relevant information, the Chinese stock market since its establishment, has 5 times to adjust the stamp duty rate. Among them, the formation of a new round of market starting point three times: the first is October 1991, cut the stamp tax rate from 6 per thousand to 3 per thousand, the Shanghai Composite Index rose 20.8%, after one month, up 13%, after half a year soared from 180 points to 1429 points in May 1992, an increase of up to 694% times in June 1, 1999 second; B, stamp tax rate reduced to 3 per thousand, the Shanghai B refers to a month soared from 38 points to 62.5 points, an increase of more than 50%; the third was in November 16, 2001, down the stamp tax rate from 4 per thousand to 2 per thousand, the stock market had a more than and 100 points wave band market.
The rate of stamp duty adjustment form the top two times: the first is May 12, 1997, stamp tax rate increased from 3 per thousand to 5 per thousand, the day he formed the big bull market peak, after the Shanghai Composite Index fell 500 points, or more than 30%; the second was in June 12, 1998, down the stamp tax rate from 5 per thousand to 4 per thousand, the SSE Composite Index rose 2.65%, but after the formation stage of head, adjust the index for nearly a year.
Therefore, the industry pointed out that the stamp tax rate changes will affect the activity of the stock market, the stock price level, and ultimately will affect the real income of investors and the stock market trend. |
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