What is the nature and scope of the stamp tax?
The local tax bureaus collect the Stamp Tax. Stamps can be obtained from tax agencies and designated sales agents, including some banks. Sales agents (either enterprises or individuals) can retain a 5 per cent commission drawn from the proceeds from the stamps sold. The Ministry of Finance is responsible for interpreting the Stamp Tax Regulations, while the State Administration of Taxation has the authority to interpret the Stamp Tax Implementing Rules. The Stamp Tax is applied to all units and individuals, who write or obtain the following types of documents: (a) contracts or documents of a contractual nature, (b) documents relating to the transfer of property, (c) business account books, (d) documentary evidence of rights of license, and (e) other documents determined to be taxable by the Ministry of Finance.