划转部分国有资本充实社保基金

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事关养老金 万亿级国资充实社保免征3项税收
Di Yi Cai Jing· 2025-09-02 12:33
Core Viewpoint - To alleviate the pressure on the basic pension insurance fund and enhance public welfare, China has transferred part of the state-owned capital to bolster the social security fund and introduced significant tax incentives [1][2]. Summary by Relevant Sections Tax Policy Announcement - On September 2, the Ministry of Finance and the State Taxation Administration released a notice regarding tax policies for the transfer and management of state-owned equity and cash income to support the social security fund [1][3]. - The tax incentives include exemptions from value-added tax, corporate income tax, and stamp duty (including securities transaction stamp duty), effective retroactively from April 1, 2024, with provisions for refunds of previously paid taxes [1][4]. Background and Implementation - The increasing pressure on the basic pension insurance fund has been exacerbated by economic development and population aging [2]. - The State Council initiated a plan in 2017 to transfer 10% of state-owned equity from central and local state-owned enterprises and financial institutions to address the funding gap created by the policy of recognizing years of service for pension contributions [2]. - By the end of 2020, the transfer of state-owned capital from 93 central enterprises and financial institutions totaled 1.68 trillion yuan [2]. Management of Transferred Assets - The transferred state-owned equity is managed by the National Social Security Fund Council and designated provincial governments, with the income from equity dividends and operational gains being allocated to cover the pension fund's needs [2][3]. - A temporary management method for the operation of the transferred state-owned equity and cash income was issued in March 2024, clarifying applicable tax policies [3]. Specific Tax Incentives - The notice outlines four key tax incentives: - Exemption from value-added tax on all interest and income from financial products obtained through loans related to the transferred state-owned equity and cash income [4]. - Income from the transfer of state-owned equity and cash income investments will be classified as non-taxable income for corporate income tax purposes [5]. - Exemption from stamp duty for the transfer of non-listed state-owned equity [6]. - For the transfer of listed state-owned equity and securities transactions using cash income, a system of prior collection and subsequent refund of stamp duty will be implemented [6]. Implications for Social Security Fund - The transfer of state-owned assets to the social security fund is viewed as a shift of resources within the fiscal system, with the aim of ensuring that the benefits are more directly used for public welfare [6]. - The Ministry of Human Resources and Social Security reported that by the end of last year, the number of participants in the basic pension insurance reached 1,072.82 million, with total income of 820.19 billion yuan and expenditures of 729.78 billion yuan, resulting in a year-end balance of 872.26 billion yuan [6].
大利好!两部门重磅发布
Zhong Guo Ji Jin Bao· 2025-09-02 12:12
Core Viewpoint - The Ministry of Finance and the State Administration of Taxation issued a notification to support the transfer of state-owned equity and cash income to enhance the social security fund, introducing favorable tax policies for the management of these assets [1][5]. Tax Policies Summary - The notification exempts value-added tax on all interest and interest-like income from loans obtained during the investment process of transferred state-owned equity and cash income [3]. - Income from the transfer of state-owned equity and cash income investments will be classified as non-taxable income for corporate income tax purposes [3]. - The transfer of non-listed state-owned equity by the receiving entity is exempt from stamp duty [4]. - For the transfer of listed state-owned equity and the securities transaction stamp duty incurred from cash income investments, a system of prior collection and subsequent refund will be implemented [4]. Implementation and Background - The notification will take effect on April 1, 2024, and tax payments made prior to this date may be refunded if they meet the notification's criteria [5]. - The transfer of part of the state-owned capital to the social security fund is a significant measure to enhance the sustainability of the basic pension insurance system, as stated by the government [5]. - Since the first batch of state-owned equity transfers in 2018, the social security fund has received equity from 93 central enterprises and financial institutions, with a book value of 2.1 trillion yuan expected by the end of 2024 [5]. - In 2024, the fund is projected to receive dividends of 26.422 billion yuan from the transferred enterprises, accumulating to 111.606 billion yuan [5]. Economic Impact - The chief economist of Zhongyin International Securities indicated that increasing the transfer of state-owned capital to the social security fund will have an immediate positive effect on consumption and aligns with the direction of economic structural transformation [6].