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China scraps interest tax on stock account balance
Latest Updated at 2008-October-27 10:38:21
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China has scrapped the tax levied on the interest income of individual stock account balance, said the Ministry of Finance on Sunday (Oct 26).

The ministry said the decision, effective Oct. 9, aimed at maintaining a stable and healthy development of the capital market.

In another move to boost domestic demand, the country had scrapped the 5 percent individual income tax on savings interest earnings starting on the same day.

The loosening in monetary policy highlighted the government's rising concern over the slowing economy and slumping capital market.

Editor: 寮犺幑

By: Source: China View website

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