China's State Council has approved a plan to reduce stamp duty on share transactions, the Shenzhen-based Securities Times said. But neither the amount of the cut nor the date for implementing it were given by officials quoted in the report. Currently stamp duty is 0.2% of the total transaction, higher than in many developed and emerging markets. Some markets, such as Hong Kong's, charge sellers an average rate of 0.1%. In the Chinese mainland, both parties are required to pay the 0.2% tax.
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