The 29th meeting of the Standing Committee of the 13th National People's Congress voted on the June 10th to pass the Stamp Duty Law of the People's Republic of China, which will come into force on July 1st, 2022, and the Provisional Regulations of the People's Republic of China on Stamp Duty promulgated by the State Council on August 6, 1988 will be abolished at the same time.

The so-called "stamp duty" refers to the tax levied when registering and receiving various "certificates" in economic activities. It is named after the use of tax stamps pasted on the corresponding tax vouchers as tax payment marks. The pending Stamp Duty Law of the People's Republic of China will abolish the stamp duty levied on each right and license, which means that trademark registration certificates and patent certificates will not have to pay stamp duty in the future.

In addition, the Stamp Duty Law reduces the tax rate of "Documents for Transfer of Trademark Exclusive Rights, Copyright, Patent Rights and Proprietary Technology Use Rights" from 5/10000 to 3/10000, with an aim to further implement tax & fee reduction, support innovation and development, and encourage the implementation and application of intellectual property rights.