大利好！两部门重磅发布

Core Viewpoint - The Ministry of Finance and the State Administration of Taxation issued a notification to support the transfer of state-owned equity and cash income to enhance the social security fund, introducing favorable tax policies for the management of these assets [1][5]. Tax Policies Summary - The notification exempts value-added tax on all interest and interest-like income from loans obtained during the investment process of transferred state-owned equity and cash income [3]. - Income from the transfer of state-owned equity and cash income investments will be classified as non-taxable income for corporate income tax purposes [3]. - The transfer of non-listed state-owned equity by the receiving entity is exempt from stamp duty [4]. - For the transfer of listed state-owned equity and the securities transaction stamp duty incurred from cash income investments, a system of prior collection and subsequent refund will be implemented [4]. Implementation and Background - The notification will take effect on April 1, 2024, and tax payments made prior to this date may be refunded if they meet the notification's criteria [5]. - The transfer of part of the state-owned capital to the social security fund is a significant measure to enhance the sustainability of the basic pension insurance system, as stated by the government [5]. - Since the first batch of state-owned equity transfers in 2018, the social security fund has received equity from 93 central enterprises and financial institutions, with a book value of 2.1 trillion yuan expected by the end of 2024 [5]. - In 2024, the fund is projected to receive dividends of 26.422 billion yuan from the transferred enterprises, accumulating to 111.606 billion yuan [5]. Economic Impact - The chief economist of Zhongyin International Securities indicated that increasing the transfer of state-owned capital to the social security fund will have an immediate positive effect on consumption and aligns with the direction of economic structural transformation [6].