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Stamp tax hike pumps $21.6b into State coffer

By Du Xiaoli (Chinadaily.com.cn)
Updated: 2007-07-04 13:17

The stamp revenue reached 32.4 billion yuan (US$4.27 billion) in June, making an additional revenue of 21.6 billion yuan (US$2.84 billion) due to the May 30 stamp tax hike for stock transactions to 0.3 percent from 0.1 percent, according to preliminary calculations by the Securities Times.

The stamp tax revenue in June is 2.65 times of 12.2 billion yuan in the first quarter of this year. Turnover of the A- andB-shareslisted on the Shanghai andShenzhen stock exchanges was 5.4 trillion yuan during the 21 trading days in June.

Special coverage: Markets Watch  Related readings:  China triples stamp tax to cool stock market  Campaign under way for investor education  Banks urged to curb stock loans

As a result, the stamp tax for the two bourses reached 32.4 billion yuan, according to calculations based on the tax 0.3 percent rate for a single party of stock trading. The stamp tax revenue should be 10.8 billion yuan if calculated according to the tax rate of 0.1 percent. So the stamp tax revenue increased 21.6 billion yuan following the tax rate hike.

The turnover of A- and B-shares listed on the Shanghai and Shenzhen stock exchanges reached 5.89 trillion yuan in May. The stamp tax revenue totaled around 14.8 billion yuan in May.

In addition, the turnover of the A- and B-shares listed on the Shanghai and Shenzhen stock exchanges was nearly 18.31 trillion yuan in the first five months of this year. The stamp tax revenue totaled 38.9 billion yuan in the first five months.

During the 117 trading days in the first half year, the turnover of the A- and B-shares listed on the two exchanges was 23.55 trillion yuan and the stamp tax revenue hit 71.3 billion yuan.