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With a view to implementing the spirit of instructions of the State Council on supporting the enterprise restructuring, and regulating relevant tax policies in the process of enterprise restructuring, we hereby make the following notice concerning the stamp tax policy in the process of restructuring of those enterprises, which are approved to make restructuring by the people's governments above the county level and the departments in charge of the enterprises thereof: I. STAMP TAXES ON CAPITAL BOOK ACCOUNTS 1. Where a new enterprise is established in the process of incorporation of an enterprise (going through legal-person registration anew), for the capital recorded in its new capital book accounts or the capital increased due to its establishment of capital link, the part to which tax stamps have been affixed may not be affixed with tax stamps any more, the part to which tax stamps fail to be affixed and the newly increased capital shall be affixed with tax stamps. The incorporation of enterprises shall include: transforming state-owned enterprises wholly into solely state-owned limited liability companies according to the Company Law; transforming enterprises into limited liability companies or joint stock companies through increasing capital and enlarging shares or transferring part of its property rights so as to realize the holding of shares of enterprise by others; creating new companies with part of the property or corresponding debts of an enterprise and with other investors; and leaving the debts of the enterprise to the original enterprise, while establishing a new company with other investors with the quality property of the enterprise. 2. In case a new enterprise is incorporated by way of merger or division, for the part of capitals thereof recorded in the new book account, to which tax stamp have been affixed, no more stamps need to be affixed, while for the part to which tax stamps fail to be affixed and for the newly increased capital thereafter, tax stamps shall be affixed. Merging of an enterprise shall include merger and consolidation. And the division of an enterprise shall include split-off and split-up. 3. For the newly increased capital in the debt-equity swap of an enterprise, tax stamps shall be affixed. 4. For the capitals increased after appraisal in enterprise restructuring, tax stamps shall be affixed, and 5. In case the capitals of an enterprise, which are recorded under other accounting items, are changed into paid-up capital or capital accumulation funds, tax stamps shall be affixed. II. STAMP TAXES ON VARIOUS TAXABLE CONTRACTS The various taxable contracts which are concluded before the restructuring of an enterprise but fail to be performed entirely, and the subjects for performance need to be altered after the restructuring, no stamp need to be affixed to those that have changed the subjects of execution only without other change in any other clauses, and to which tax stamps have been affixed before the restructuring. III. STAMP TAX ON BOOKS AND DOCUMENTS FOR THE TRANSFER OF PROPERTY RIGHT The books and documents for transfer of property right signed due to enterprise restructuring shall be exempted from affixing tax stamps. |
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