China Beijing Equity Exchange (CBEX) Is Commissioned by Beijing Municipal Bureau of Local Taxation to Levy Transaction Contract Stamp Duty
Recently, Beijing Municipal Bureau of Local Taxation issues Notice of Beijing Municipal Bureau of Local Taxation on Commissioning China Beijing Equity Exchange Co., Ltd to Levy Stamping Tax (No. 3, 2017). Since January 1, 2018, after municipal state-owned enterprises complete state-owned assets transactions at CBEX, transferor and transferee can pay the stamp taxes imposed on property transfer documents and purchase and sales contracts at CBEX. This move can not only reduce the taxation risk of stamp tax omission by enterprises, but also can enhance the tax source fine management capabilities of taxation authority.
Subsequently, under the guidance of State-owned Assets Supervision and Administration Commission of Beijing Municipality and BSAM, CBEX will continue to promote cooperation with such competent authorities as financial bureau, court, procuratorate, local taxation bureau, industrial and commercial bureau, land and resources planning commission, give full play to functions of its well-established trading institutions, trading rules and trading systems, and continuously demonstrate its functional orientation of “market-oriented tool for economic management by the Government”.