China will not levy tax on gains made through stock transfer

时间：2007-03-01 01:13:37

（单词翻译:单击）

Chinanews, Shanghai, Feb. 28 – Chinese stock market witnessed the largest drop yesterday. Many people attributed the stock dive to the hearsay1 that government would levy2 tax on gains made by stock holders3 through the transfer of their stocks. A reporter from the Shanghai Securities Journal tried to confirm the news with officials at the Ministry4 of Finance and the State Administration of Taxation5 on Tuesday and they both denied the news.

 

Earlier, the State Administration of Taxation required Chinese individuals who had made an annual total income of over 120,000 yuan (including income made through stock transfer) to report their income to the government. An official from the Information Office at the State Administration of Taxation said yesterday that it is not right to equate6 such requirement with the thinking that Chinese government will levy individual income tax on people who make gains through stock transfer. The official said that the State Administration of Taxation had already clarified this issue at the beginning of this year, and that at present, the State Administration of Taxation will not impose any tax on gains made through stock transfer.

 

According to regulations on individual income tax, the gains made by stock holders through stock transfer are defined as income from transfer of property, and such income should be subject to a 20% rate of tax payment. However, in order to encourage more Chinese enterprises to list on the stock markets and promote the healthy development of Chinese stock market, the Ministry of Finance and the State Administration of Taxation, upon the approval of the State Council, decided7 that starting from 1994, Chinese government would waive8 such income tax of Chinese individuals.

 

“We require high income earners to report their income to the government, which is in line with the revised Chinese regulation on individual income tax. Although people who make their annual income of over 120,000 yuan through stock transfer should also report their income as required, Chinese government will not levy individual income tax on this group of people at present. It is two different things to report stock transfer gains and to levy tax on such gains. So far, such policy has not changed,” said the official.

 

His words were also confirmed by an official from the Information Office of the Ministry of Finance, who claimed that the Chinese government would not levy tax on stock transfer gains. The official reminded Chinese investors9 not to believe such rumors10.

 
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1 hearsay 4QTzB     
n.谣传，风闻
参考例句：
  • They started to piece the story together from hearsay.他们开始根据传闻把事情的经过一点点拼湊起来。
  • You are only supposing this on hearsay.You have no proof.你只是根据传闻想像而已，并没有证据。
2 levy Z9fzR     
n.征收税或其他款项，征收额
参考例句：
  • They levy a tax on him.他们向他征税。
  • A direct food levy was imposed by the local government.地方政府征收了食品税。
3 holders 79c0e3bbb1170e3018817c5f45ebf33f     
支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物
参考例句：
  • Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
  • It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。
4 ministry kD5x2     
n.(政府的)部；牧师
参考例句：
  • They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
  • We probed the Air Ministry statements.我们调查了空军部的记录。
5 taxation tqVwP     
n.征税，税收，税金
参考例句：
  • He made a number of simplifications in the taxation system.他在税制上作了一些简化。
  • The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
6 equate NolxH     
v.同等看待，使相等
参考例句：
  • You can't equate passing examination and being intelligent.你不能把考试及格看成是聪明。
  • You cannot equate his poems with his plays.你不可以把他的诗歌和他的剧本相提并论。
7 decided lvqzZd     
adj.决定了的，坚决的；明显的，明确的
参考例句：
  • This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
  • There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。
8 waive PpGyO     
vt.放弃，不坚持(规定、要求、权力等)
参考例句：
  • I'll record to our habitat office waive our claim immediately.我立即写信给咱们的总公司提出放弃索赔。
  • In view of the unusual circumstances,they agree to waive their requirement.鉴于特殊情况，他们同意放弃他们的要求。
9 investors dffc64354445b947454450e472276b99     
n.投资者，出资者( investor的名词复数 )
参考例句：
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
10 rumors 2170bcd55c0e3844ecb4ef13fef29b01     
n.传闻( rumor的名词复数 )；[古]名誉；咕哝；[古]喧嚷v.传闻( rumor的第三人称单数 )；[古]名誉；咕哝；[古]喧嚷
参考例句：
  • Rumors have it that the school was burned down. 有谣言说学校给烧掉了。 来自《简明英汉词典》
  • Rumors of a revolt were afloat. 叛变的谣言四起。 来自《简明英汉词典》

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