BEIJING -- China's top legislature on Thursday voted to adopt a new law on stamp tax, which will take effect on July 1, 2022.

Lawmakers approved the law at the closing meeting of a regular legislative session of the Standing Committee of the National People's Congress, which started Monday.

The law stipulates that the current stamp taxation system will remain unchanged, with appropriate simplification of tax items and tax cuts.

With the promulgation of the stamp tax law, China has made laws for 12 of the 18 existing taxes.