2 Aug 2019
Commodity Reserve Management Companies Enjoy Preferential Tax Treatment
Commodity reserve management companies are to be exempt from stamp duty on books of accounts and the purchase and sale contracts concluded in the course of conducting commodity reserve business. They will also be exempt from real estate tax and urban land use tax on properties used while conducting said business. Stamp duty will still be payable by all other parties to such contracts.
These exemptions will be backdated to 1 January this year and will expire on 31 December 2021. Exempted sums paid since the beginning of this year may be refunded or deducted from any tax payable by the enterprises concerned.
The changes were announced by the Ministry of Finance and the State Administration of Taxation via Circular (No. 77 ).
Source: Ministry of Finance