三部门发布，利好来了！

Core Viewpoint - The announcement by the Ministry of Finance, State Taxation Administration, and China Securities Regulatory Commission extends tax incentives for innovative enterprises issuing Chinese Depositary Receipts (CDRs) to support the implementation of the innovation-driven development strategy [1][2]. 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 [3]. - For dividends received from holding innovative enterprise CDRs, a differentiated personal income tax policy will apply, allowing for tax credits for taxes paid abroad [3]. Corporate Income Tax Policy - Corporate investors will be exempt from corporate income tax on capital gains and dividends from innovative enterprise CDRs [4]. - Publicly offered securities investment funds will also be exempt from corporate income tax on similar income from innovative enterprise CDRs [4]. - Qualified Foreign Institutional Investors (QFII) and Renminbi Qualified Foreign Institutional Investors (RQFII) will be treated similarly regarding tax exemptions on capital gains and dividends from innovative enterprise CDRs [4]. Value-Added Tax Policy - Individual investors will be exempt from value-added tax on capital gains from the transfer of innovative enterprise CDRs [6]. - Institutional investors will also benefit from value-added tax exemptions on capital gains from innovative enterprise CDRs [6]. - Publicly offered securities investment funds' managers will be exempt from value-added tax on capital gains from innovative enterprise CDRs during fund operations [6]. Other Relevant Matters - Innovative enterprise CDRs refer to securities issued in China that represent the rights to overseas stocks, as defined by the relevant government guidelines [7].