Core Viewpoint - To alleviate the pressure on the basic pension insurance fund and enhance public welfare, China has transferred part of the state-owned capital to bolster the social security fund and introduced significant tax incentives [1][2]. Summary by Relevant Sections Tax Policy Announcement - On September 2, the Ministry of Finance and the State Taxation Administration released a notice regarding tax policies for the transfer and management of state-owned equity and cash income to support the social security fund [1][3]. - The tax incentives include exemptions from value-added tax, corporate income tax, and stamp duty (including securities transaction stamp duty), effective retroactively from April 1, 2024, with provisions for refunds of previously paid taxes [1][4]. Background and Implementation - The increasing pressure on the basic pension insurance fund has been exacerbated by economic development and population aging [2]. - The State Council initiated a plan in 2017 to transfer 10% of state-owned equity from central and local state-owned enterprises and financial institutions to address the funding gap created by the policy of recognizing years of service for pension contributions [2]. - By the end of 2020, the transfer of state-owned capital from 93 central enterprises and financial institutions totaled 1.68 trillion yuan [2]. Management of Transferred Assets - The transferred state-owned equity is managed by the National Social Security Fund Council and designated provincial governments, with the income from equity dividends and operational gains being allocated to cover the pension fund's needs [2][3]. - A temporary management method for the operation of the transferred state-owned equity and cash income was issued in March 2024, clarifying applicable tax policies [3]. Specific Tax Incentives - The notice outlines four key tax incentives: - Exemption from value-added tax on all interest and income from financial products obtained through loans related to the transferred state-owned equity and cash income [4]. - Income from the transfer of state-owned equity and cash income investments will be classified as non-taxable income for corporate income tax purposes [5]. - Exemption from stamp duty for the transfer of non-listed state-owned equity [6]. - For the transfer of listed state-owned equity and securities transactions using cash income, a system of prior collection and subsequent refund of stamp duty will be implemented [6]. Implications for Social Security Fund - The transfer of state-owned assets to the social security fund is viewed as a shift of resources within the fiscal system, with the aim of ensuring that the benefits are more directly used for public welfare [6]. - The Ministry of Human Resources and Social Security reported that by the end of last year, the number of participants in the basic pension insurance reached 1,072.82 million, with total income of 820.19 billion yuan and expenditures of 729.78 billion yuan, resulting in a year-end balance of 872.26 billion yuan [6].
事关养老金 万亿级国资充实社保免征3项税收
Di Yi Cai Jing·2025-09-02 12:33