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A clerk counts yuan bills at a bank in Huaibei, East China's Anhui province. [Photo/IC] |
BEIJING - Local governments in China will no longer share revenue from stamp duty on securities transactions from Jan 1, 2016, according to a statement released by the State Council on Thursday.
Currently, 97 percent of the revenue goes to the central government with 3 percent going to local governments.
The move is to improve fiscal revenue distribution between the central and local governments, the statement said, without giving more details.
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