CHINA will raise the securities stamp tax to three in a thousand from one in a thousand starting today, the latest effort to curb the soaring stock market, the Ministry of Finance announced yesterday.
This has been the seventh adjustment in the stamp duty. The country cut it to three in a thousand in 1991 from six in a thousand for the first time.
The government halved the securities the stamp duty rate to one in a thousand in January 2005 in a bid to help boost the depressed equity market.
According to the People's Bank of China, the country's securities stamp tax revenue totaled 12.2 billion yuan (US$1.
6 billion) in the first quarter of this year, an increase of 515.9 percent from the same period of last year, backed by the huge stock transaction volume.
In last month alone, the Shanghai Stock Exchange and the Shenzhen Stock Exchange added 4.
79 million new yuan-denominated A-share trading accounts. This exceeded the accumulated new stock accounts opened in the past two years and brought the total number of stock trading accounts on the two bourses to 993.95 million.
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