支持创新企业！财政部、税务总局、证监会联合发文

Core Viewpoint - The announcement extends the tax incentives for individual and institutional investors involved in the trading of Chinese Depository Receipts (CDRs) for innovative enterprises, reflecting the government's ongoing support for financing channels for technology-driven companies [3][7]. 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 [7]. - The dividend income from holding innovative enterprise CDRs will be subject to a differentiated personal income tax policy, following existing regulations [7]. Corporate Income Tax Policy - Corporate investors will be exempt from corporate income tax on capital gains and dividend income from innovative enterprise CDRs [8]. - Publicly offered securities investment funds will also not be subject to corporate income tax on gains and dividends from innovative enterprise CDRs [8]. Value-Added Tax Policy - Individual investors will be exempt from value-added tax on capital gains from the transfer of innovative enterprise CDRs [9]. - Institutional investors, including qualified foreign institutional investors (QFII) and renminbi qualified foreign institutional investors (RQFII), will also benefit from VAT exemptions on capital gains from CDRs [9]. Other Relevant Matters - The announcement specifies that innovative enterprise CDRs are based on overseas stocks and are issued by custodians in China, representing the rights to the underlying foreign securities [9].