The official forecast expects a 0.7% year-on-year increase in securities transaction stamp duty this year.

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2026.03.27

This article has 596 words, reading time approximately 1 minute

Author | Yicai Chen Yikan

The official expectations for this year’s “stock trading tax” have been released.

Recently, the Ministry of Finance disclosed the 2026 central government fiscal budget. The “2026 Central General Public Budget Revenue Budget Table” shows that the total securities transaction stamp duty for 2026 is expected to be 202.5 billion yuan, an increase of 0.7% compared to the execution number for 2025. The Ministry of Finance explained that this is mainly calculated based on the expected trading volume of the stock market.

The securities transaction stamp duty is commonly referred to by the public as the “stock trading tax,” which is a stamp duty levied on taxpayers transferring stocks traded on national securities exchanges and on depositary receipts based on stocks, and it is only imposed on the transferor in a securities transaction, not on the transferee, with a statutory tax rate of one-thousandth of the transaction amount. However, to invigorate the capital market and boost investor confidence, the stamp duty on securities transactions has been halved since August 28, 2023.

Due to the impact of stock market transactions, the revenue from securities transaction stamp duties fluctuates significantly. According to data from the Ministry of Finance, the revenue from securities transaction stamp duties in 2023, 2024, and 2025 is 180.1 billion yuan, 127.6 billion yuan, and 203.5 billion yuan, respectively, showing year-on-year declines of 34.7%, a decrease of 29.1%, and an increase of 57.8%.

With the active trading in the stock market and the increase in transaction amounts, the revenue from securities transaction stamp duties in the first two months of this year reached 49.9 billion yuan, a year-on-year increase of 1.1 times.

Due to the unpredictability of stock market transactions, there is a significant discrepancy between the budgeted revenue growth rate of the securities transaction stamp duty and the actual revenue growth rate.

For example, based on data from the Ministry of Finance in recent years, the securities transaction stamp duty for 2025 is expected to grow by 3.5%, while the actual growth is 57.8%. In 2024, this tax is expected to decrease by about 37%, while the actual decrease is 29.1%. In 2023, this tax is expected to decrease by about 8.7%, while the actual decrease is 34.7%.

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