财政部 税务总局 中国证监会关于延续实施创新企业境内发行存托凭证试点阶段有关税收政策的公告公告2026年第8号

Core Viewpoint - The announcement extends the tax policies related to the pilot phase of the issuance of Depositary Receipts (CDRs) for innovative enterprises in China, aiming to support the implementation of the innovation-driven development strategy [3]. Individual Income Tax Policy - 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 [3]. - During the same period, a differentiated personal income tax policy will apply to dividends received from holding innovative enterprise CDRs, following existing regulations [3]. Corporate Income Tax Policy - Corporate investors will be exempt from corporate income tax on capital gains from the transfer of innovative enterprise CDRs and on dividends received from holding these CDRs [4]. - Publicly offered securities investment funds will also be exempt from corporate income tax on similar income from innovative enterprise CDRs [4]. - Qualified Foreign Institutional Investors (QFIIs) and Renminbi Qualified Foreign Institutional Investors (RQFIIs) will be treated similarly regarding corporate income tax exemptions [4]. Value-Added Tax Policy - Individual investors will be exempt from value-added tax on capital gains from the transfer of innovative enterprise CDRs [4]. - For institutional investors, the transfer of innovative enterprise CDRs will be exempt from value-added tax according to financial product transfer policies [4]. - Publicly offered securities investment funds' managers will also be exempt from value-added tax on capital gains from innovative enterprise CDRs during the specified period [4]. Other Relevant Matters - The announcement defines innovative enterprise CDRs as securities issued in China that represent the rights to overseas underlying securities, in accordance with the relevant regulations [4].