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 article discusses the announcement by the Ministry of Finance, State Administration of Taxation, and China Securities Regulatory Commission regarding the tax policies for innovative enterprises issuing depositary receipts (CDRs) in China, which will be effective from January 1, 2026, to December 31, 2027 [2]. Group 1 - From January 1, 2026, to December 31, 2027, individual investors will be exempt from personal income tax on the capital gains from the transfer of innovative enterprise CDRs [2]. - The dividend income from holding innovative enterprise CDRs will be subject to a differentiated personal income tax policy, following the relevant regulations outlined in previous notices [2]. - Innovative enterprises' CDRs are defined as securities issued in China that represent the rights to overseas underlying securities, in accordance with the pilot program established by the State Council [4]. Group 2 - Corporate investors will be subject to the same tax policies as those for stock transfers and dividend income for innovative enterprise CDRs, meaning they will also be exempt from corporate income tax [4]. - Publicly offered securities investment funds will not be subject to corporate income tax on capital gains and dividend income from innovative enterprise CDRs [4]. - Qualified foreign institutional investors (QFII) and Renminbi qualified foreign institutional investors (RQFII) will also be exempt from corporate income tax on capital gains and dividend income from innovative enterprise CDRs, treated as income from the underlying stocks [4].