事关社保基金！税收利好政策来了→

Core Viewpoint - The recent tax policy notification aims to enhance the management of state-owned equity and cash income for social security funds, providing four key tax incentives to stimulate investment and improve returns [1][2]. Group 1: Tax Incentives - The first incentive exempts value-added tax on all interest and income from financial products obtained through loans related to the transferred state-owned equity and cash income [2]. - The second incentive classifies income from the transfer of state-owned equity and cash income investments as non-taxable income for corporate income tax purposes [2]. - The third incentive exempts stamp duty for the transfer of non-listed state-owned equity by the receiving entities [2]. - The fourth incentive implements a "first collect, then refund" policy for stamp duty on the transfer of listed state-owned equity and securities transactions using cash income, effectively reducing short-term trading costs [2][7]. Group 2: Impact on Investment Behavior - Experts indicate that these measures will significantly enhance investment returns and motivate receiving entities to diversify their asset allocations, moving from traditional low-risk assets to equities, REITs, or cross-border investments [4][6]. - The tax incentives lower the cost of trial and error, encouraging entities to engage more actively in the capital market, thereby injecting long-term funds and stabilizing market confidence [6][7]. Group 3: Long-term Stability of Social Security Fund - The policy aims to enhance the long-term stability of social security fund operations and the sustainability of the basic pension insurance system [8]. - The notification aligns with previous government initiatives to transfer 10% of state-owned equity from central and local state-owned enterprises to address pension fund shortfalls [8]. - The overall framework established by the 2017 plan, the 2024 operational guidelines, and the current tax policies collectively support the sustainable growth of capital from transfer to appreciation [9].