One business day before the opening of the Shanghai-Hong Kong Stock Connect, China’s Ministry of Finance formally announced that profits made on transactions over the connect will be temporarily exempt from capital gains tax. The introduction of the connect is the first time that individuals and small to medium investors will be able to access the Chinese stock market.
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The OECD had previously missed a June 30 deadline to agree an MLC on amount A; in other news, UK corporation tax bills surged to a record high last year