Draft stamp duty law submitted to China's top legislature for 2nd reading

BEIJING, June 7 (Xinhua) -- A draft stamp duty law was submitted to the 29th session of the Standing Committee of the 13th National People's Congress, China's top legislature, for second reading on Monday.

The current stamp duty rate for securities transactions will remain unchanged, according to the draft.

In an effort to support innovative development and encourage the application of intellectual property rights, the draft also stipulates that the tax rates for copyright and patent, among others, will be lowered from 0.05 percent to 0.03 percent.