Former deputy director of the National Tax Administration: abolition of stamp duty should be a capital gains tax.

<P> Financial officials in China, Xu Shanda, has been thinking type, scholar-officials known for his unique point of view, thinking long term, in addition to administrative leadership of well done work, also published a number of academic monographs. .When Xu Shanda in 2006 from the position of deputy director of the State Administration of Taxation, after stepping down, he threw himself into academic work, thinking on many issues and more in depth. .</ P> <P> Although retired from administrative positions, he also believes that certain constraints should also have self-administration, but his analysis on many issues and the unique vocal style, or to the people left a deep impression. .</ P> <P> in Brookings Research Center of Tsinghua University recently held a forum on energy issues, he and U.S. Department of Energy officials to start a heated debate, Xu Shanda said: does China's energy consumption increased rapidly, China .Greenhouse gas emissions are increasing, but all these problems boil down to China head is not fair. .China's energy and raw materials imported from abroad, and then manufactured exports to Europe and around the world, the greenhouse gases and pollution to remain in China, and China's energy consumption and emissions of greenhouse gases, largely to be "attributed" to the Western consumer .who, in China China has a responsibility not only energy saving, the U.S. also to blame. .He clearly said that China's rapid development, of course, is the beneficiary countries, but the world economic relations with China, countries are the beneficiaries of varying degrees, while the U.S. is the biggest outside of China than beneficiaries. .Therefore, the United States should see to help China is to help the United States itself. .</ P> <P> Xu Shanda's words on the spot a hot topic. .</ P> <P> for energy and environmental problems, Xu Shanda, outspoken, and for his work in tax revenue over 20 years, Xu Shanda, are willing to fully express their views. .</ P> <P> some time, severe stock market correction, reducing the stamp duty calls to save the city intensified, Xu Shanda that the reduction in stamp duty and can not rescue the market, but look at the future development of China's stock market should be abolished and stamp duty, capital gains tax. .</ P> <P> many investors believe that the introduction of capital gains tax is a big negative, but Xu Shanda think this is a misunderstanding, for most small investors, the introduction of capital gains tax is more than the stamp duty in their interest. .</ P> <P> abolition of stamp duty, capital gains tax in line with international practice </ P> <P> two of the country from the early March date, "Reducing stamp duty" to rescue the market is a hot topic in China's stock market, but Xu Shanda that the reduction in .stamp duty and can not really save the market. .</ P> <P> "capital market almost every year in the pull rate of decrease or increase the stamp duty on this topic, I think the problem is not the most critical, can raise the stamp duty people to buy fewer shares, and reduce stamp duty to buy shares of the .it? the regulatory function of the stamp duty is very limited. "Xu Shanda, that statistical analysis of various theories more convincing than the stamp duty reduction, the stock market may occur within a day or two a small rebound, but it is impossible to fundamentally reverse the .trend. .</ P> <P> Xu Shanda, also believes that, from the Chinese capital market, mature development point of view, China's stock market should develop long-term planning: the abolition of stamp duty, capital gains tax. .</ P> <P> whether investors or an expert, most of them think that China's stock market capital gains tax is the biggest negative, but Xu Shanda do not agree with this view, he told reporters: "At present the international capital market, most of the stock market did not .levy of stamp duty, but most charge capital gains tax for investors. " .</ P> <P> the reason why many investors on the capital gains tax "fear of a tiger," Xu Shanda think the main misunderstanding: Many investors believe that the introduction of capital gains tax, stamp duty is a tax on top of the foundation, if that .This was certainly unreasonable, but I think that if the introduction of capital gains tax, in respect of abolition of stamp duty. .</ P> <P> many investors still doubt this: the introduction of capital gains tax, the Government will lose money regardless, make some money on taxes? .Xu Shanda believes that this is a misunderstanding. .Capital gains tax is actually calculated is the general ledger, and not one of profit and loss, Xu Shanda cited an example: If you are within one year, a trading loss of 2 million, a transaction loss of 1 million, earned another 5 million deal ., then you need that the actual amount of tax is 2 million, if the capital gains tax at 20% of the calculation, the amount of tax is 4,000 yuan. .</ P> <P> "mature markets in foreign countries, a similar collection mechanism already implemented. From the date of levy, if shareholders incurred a loss, the overall tax profits certainly have to wait until he began to sign, and later produced a loss if, .wait until the next re-sign overall profitability. "Xu Shanda explained. .</ P> <P> In addition, Xu Shanda, a capital gains tax that the raids should not do, should be designed to be a clear timetable. .</ P> <P> "First, the introduction of capital gains tax can be made public deliberation of this proposal, so that the community, including investors, including full and accurate understanding of capital gains tax, and then formally entered the legislative process. Legislation is complete, the implementation of capital gains tax .Time can also be pushed back several years. such as a year to pass legislation, to the seventh year or five years or ten years and then implemented on January 1, "is to give investors a longer period as long as the psychological expectations, the stock market would not have been .too much impact, Xu Shanda, told reporters. .</ P> <P> In addition, in order to reduce the impact on the capital market, Xu Shanda, that capital gains tax rate can then step in identifying and gradually put in place: for example, capital gains tax levy of 5% the first year, second .annual rate of 10%, 20% until the fourth year in charge, while the abolition of stamp duty on the corresponding year. .</ P> <P>.