事关个人所得税！财政部、税务总局、证监会等三部门发布

Core Viewpoint - The announcement from the Ministry of Finance, State Administration of Taxation, and China Securities Regulatory Commission extends tax policies for innovative enterprises issuing depositary receipts (CDRs) in China, providing tax exemptions for individual and institutional investors from January 1, 2026, to December 31, 2027 [1][2]. Group 1: Individual Investors - 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]. - The dividend income from holding innovative enterprise CDRs will be subject to a differentiated personal income tax policy, following previous regulations [1]. Group 2: Institutional Investors - Corporate investors will also be exempt from corporate income tax on capital gains and dividend income from innovative enterprise CDRs, in accordance with existing tax policies for stock transfers and dividends [2]. - Publicly offered securities investment funds will not be subject to corporate income tax on capital gains and dividend income from innovative enterprise CDRs [2]. - Qualified Foreign Institutional Investors (QFIIs) and Renminbi Qualified Foreign Institutional Investors (RQFIIs) will be treated similarly, with exemptions on capital gains and dividend income from innovative enterprise CDRs [2]. Group 3: Definition of Innovative Enterprise CDRs - Innovative enterprise CDRs are defined as securities issued in China that represent the rights to overseas stocks, based on the guidelines set by the State Council [2].