The Ministry of Finance (MOF), the State Administration of Taxation (SAT) and the Security Supervision Committee jointly issued a Circular on 16 November 2012 (Cai Shui [2012] No. 85) introducing new tax treatment of dividends derived by individuals from the companies listed on Shanghai or Shenzhen Stock Exchanges. The Circular will take effect as from 1 January 2013 and its main points are s…