三部门：延续实施创新企业境内发行存托凭证试点阶段有关税收政策

Core Viewpoint - The announcement by the Ministry of Finance and other departments extends tax policies related to the pilot phase of domestic issuance of Depositary Receipts (CDRs) for innovative enterprises from January 1, 2026, to December 31, 2027, to support the innovation-driven development strategy [1]. Individual Income Tax Policy - From January 1, 2026, to December 31, 2027, individual investors will be exempt from personal income tax on capital gains from the transfer of innovative enterprise CDRs [1]. - A differentiated personal income tax policy will apply to dividends received by individual investors from holding innovative enterprise CDRs, following existing regulations [2]. Corporate Income Tax Policy - Corporate investors will be subject to the same tax exemption policies for capital gains and dividends from innovative enterprise CDRs as those for stocks [3]. - Publicly offered securities investment funds will not be subject to corporate income tax on capital gains and dividends from innovative enterprise CDRs [3]. - Qualified Foreign Institutional Investors (QFIIs) and Renminbi Qualified Foreign Institutional Investors (RQFIIs) will also be exempt from corporate income tax on capital gains and dividends from innovative enterprise CDRs [3]. Value-Added Tax Policy - Individual investors will be exempt from value-added tax on capital gains from the transfer of innovative enterprise CDRs [4]. - Institutional investors will be subject to the financial product transfer tax exemption policy for capital gains from innovative enterprise CDRs [5]. - Publicly offered securities investment fund managers will be exempt from value-added tax on capital gains from the transfer of innovative enterprise CDRs during fund operations [5]. Other Relevant Matters - Innovative enterprise CDRs refer to securities issued in China that represent the rights to overseas underlying securities, in accordance with the relevant pilot enterprise regulations [6].