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Tax policies to be clarified on domestic securities traded by foreign investors
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CHINA'S top securities regulator today said it would clarify tax policy regarding trading of domestic securities by foreign investors in a bid to make the country’s capital market friendlier to overseas participants.
The regulator will make tax issues clear for participants in the Qualified Foreign Institutional Investor program this year, as part of an effort to open China’s capital market wider, said Xiao Gang, chairman of the China Securities Regulatory Commission, at a news conference for the annual session of the National People’s Congress on financial reform.
The ambiguity of tax policy has been one of major deterrents holding back foreign investors. Talk about China introducing a capital gains tax on QFII investors persists, but there have been no proposals introduced. These uncertainties force many QFII investors to set aside funds from their profits for possible future taxation.
Analysts said addressing tax issues will be critical if regulators want to stimulate more investment interest in China.
Xiao also said the regulator will follow a negative list approach to offer easier access for foreign financial institutions, without providing further details.
The negative list was first introduced in the Shanghai pilot free trade zone on a trial basis to replace the previous administrative approval system, allowing foreign investors to invest as freely as their domestic peers in areas beyond the list.
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