China scraps interest tax on stock account balance 2008-10-26 15:26:50   Print

Special Report:Global Financial Crisis

   BEIJING, Oct. 26 (Xinhua) -- China has scrapped the tax levied on the interest income of individual stock account balance, said the Ministry of Finance on Sunday.

    The ministry said the decision, effective Oct. 9, aimed at maintaining a stable and healthy development of the capital market.

    In another move to boost domestic demand, the country had scrapped the 5 percent individual income tax on savings interest earnings starting on the same day.

    The loosening in monetary policy highlighted the government's rising concern over the slowing economy and slumping capital market.


China central bank cuts interest rate, reserve requirement to stimulate economy

    BEIJING, Oct. 8 (Xinhua) -- China's central bank on Wednesday announced cuts in both the interest rate and reserve-requirement ratio in the latest effort to boost the domestic economy amid worries over the deepening global financial crisis.

    The deposit and lending rates would be lowered by 0.27 percentage points from Thursday and the reserve-requirement ratio would be down by 0.5 percentage points from Oct. 15, the People's Bank of China (PBOC) said. Full story

China announces new policy to boost property sector

    BEIJING, Oct. 22 (Xinhua) -- China announced late on Wednesday an array of policies, including tax exemption and mortgage deposits reduction, to boost the falling real estate sector amid the global economic downturn.

    The People's Bank of China, the central bank, said in a website circular late on Wednesday that the down payment for an initial purchase of housing with a floor space of more than 90 square meters for self use could not be less than 20 percent. Previously, the figure was 30 percent. Full story

China cancels stamp tax on stock purchase to support equities market

    BEIJING, Sept. 18 (Xinhua) -- China decided on Thursday to scrap the stamp tax on stock purchase, effective on Friday, in a move to boost the equities market after domestic stocks fell for third consecutive day since Tuesday.

    With the authorization of the State Council, China's Cabinet, the Ministry of Finance and the State Administration of Taxation said they decided to cancel the share trading stamp tax on stock purchase while the stamp tax on share selling remained unchanged at 0.1 percent. Full story

Editor: Du Guodong
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