China exempts stamp tax on offshore trade

BEIJING: Offshore trade in the China (Shanghai) Pilot Free Trade Zone and the zone’s Lingang new area will be exempt from stamp tax in a trial that aims to boost the development of offshore trade.

The new policy, effective for the April 1, 2024 to March 31, 2025 period, will benefit entities registered in the zone that conduct offshore trade business.

This is according to an announcement jointly issued by the country’s Finance Ministry and the State Taxation Administration. — Xinhua