大利好！两部门重磅发布

Core Viewpoint - The Ministry of Finance and the State Administration of Taxation of China issued a notification to support the transfer of state-owned equity and cash income to enhance the social security fund, providing various tax incentives for the managing entities involved in this process [1][2][3]. Tax Policy Summary - The notification exempts all interest income and financial product transfer income from value-added tax for entities utilizing transferred state-owned equity and cash income for investment [2]. - Income derived from the transfer of state-owned equity and cash income investments will be classified as non-taxable income for corporate income tax purposes [2]. - The transfer of non-listed state-owned equity will be exempt from stamp duty for the managing entities [2]. - For the transfer of listed state-owned equity and securities transactions using cash income, a system of advance collection and subsequent refund of securities transaction stamp duty will be implemented [2]. Implementation and Background - The notification will take effect on April 1, 2024, and entities that have paid taxes prior to this notification may apply for refunds if they meet the specified conditions [3]. - The transfer of state-owned capital to the social security fund is a significant measure taken by the central government to enhance the sustainability of the basic pension insurance system, considering the reforms in both the pension system and state-owned enterprises [3]. - Since the first batch of state-owned equity transfers in 2018, the National Social Security Fund has received transfers from 93 central enterprises and financial institutions, with a total book value of 2.1 trillion yuan by the end of 2024 [4]. - In 2024, the fund received dividends of 26.422 billion yuan from the transferred enterprises, accumulating to 111.606 billion yuan since the inception of the transfers [4]. - The chief economist of Zhongyin International Securities indicated that increasing the transfer of state-owned capital to the social security fund would have an immediate positive effect on consumption and align with the long-term direction of economic structural transformation [4].