China Rolls Back Trading Tax |
| Wall Street Journal - Apr 23, 2008 |
Facing a loss of confidence among its individual investors, Beijing on Wednesday rolled back a year-old tax increase on stock transactions, a widely anticipated move to support stocks that may have contributed to the day's 4.2% rise in the Shanghai Composite Index.
China's Ministry of Finance said that it will immediately cut a tax on trading to 0.1% of the value each purchase or sale of stock from 0.3%. The tax will fall to where it was a little less than a year ago when Beijing raised the trading charge in an attempt to stem then-overt speculation by individual investors.
The tax cut is the second major move by Beijing to put a floor under stocks in the wake of a plunge in the Shanghai index that by last week had erased nearly half its value in six months -- a performance that is the most costly in financial terms in China's history of stock trading.
Read Full Article from Wall Street Journal
- Posted: 2008-04-23 08:17:59
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