游戏行业税率向白酒看齐？多家游戏公司回应：不实消息

Core Viewpoint - Recent rumors suggest that the financial and internet value-added services sectors, such as in-game purchases and advertising, may face tax rate adjustments due to their high profit margins and low tax burdens, similar to the liquor tax rate, leading to a decline in stock prices of companies like Tencent [1][4]. Group 1: Tax Rate Rumors - The three major telecom operators in China announced a tax rate increase from 6% to 9% for value-added tax, effective January 1, 2026, as per the recent announcement by the Ministry of Finance and the State Taxation Administration [5]. - Industry insiders have not received any official communication regarding tax rate adjustments, indicating that the rumors lack credibility [5][6]. - A public relations officer from a Shanghai gaming company confirmed that no formal documents or meetings regarding tax adjustments have been held recently [5]. Group 2: Analysis of the Rumors - A report from Everbright Securities stated that the rumors are fundamentally flawed in terms of tax types, legal, and policy logic, and investors should not overreact [2][6]. - The claim that "game tax rates will align with the 32% liquor tax" is misleading, as liquor tax is a consumption tax, while in-game purchases and advertising are subject to value-added tax, which are governed by different legal frameworks [2][6]. - The current tax rates are bound by legal constraints, making adjustments difficult; the new VAT law specifies three tax rates: 13%, 9%, and 6%, with financial and modern services subject to the 6% rate [2][6]. Group 3: Policy Direction - The current policy focus is on "stabilizing growth, promoting innovation, and supporting industrial upgrades," which contradicts the idea of a blanket tax increase on key industries [3][7]. - Discussions around financial sector tax burdens are more likely to lead to structural adjustments, such as optimizing deduction rules, rather than simply raising tax rates [3][7]. - Future tax regulations may involve reviewing and clearing tax incentives for certain companies, rather than directly increasing statutory tax rates, which would have limited and controllable impacts [3][7]. - The core drivers of stock prices for leading internet companies remain their business growth, AI commercialization progress, and profitability improvements, with short-term sentiment fluctuations not altering long-term fundamentals [3][7].