Core Viewpoint - The recent policy allowing the transfer of state-owned capital to social security funds is a significant benefit for pension funds, providing financial support for both active and retired personnel [1][11]. Tax Exemption Details - The policy exempts the transfer of state-owned equity and cash income from three types of taxes: value-added tax (VAT), corporate income tax, and stamp duty [1][11]. Value-Added Tax (VAT) - Income from loan services and financial product transfers derived from the transferred state-owned capital will be exempt from VAT, which is typically set at 6% [5][11]. - For example, if interest income is 1.06 million, the VAT savings would amount to 60,000, directly benefiting the social security fund [5]. Corporate Income Tax - The income generated from the investment of transferred state-owned capital will not be subject to corporate income tax, which is usually 25% [7][11]. - This means that if a company has 10 million in income, it can reduce its taxable income by this amount, leading to significant tax savings [7]. Stamp Duty - The transfer of non-listed state-owned equity will be exempt from stamp duty, while listed equity transfers will have a system of advance collection and subsequent refund [8][11]. - For instance, transferring 1 billion in equity could save 50,000 in stamp duty, which accumulates significantly given the scale of capital involved [8]. Implications for Pension Funds - The policy is expected to inject fresh capital into pension funds, enhancing their operational efficiency and ensuring more substantial benefits for both current and future retirees [11]. - With the aging population and increasing pressure on pension funds, this initiative is a crucial step in securing the financial stability of social security systems in the country [11].

Core Viewpoint - The Ministry of Finance and the State Taxation Administration issued a notice to clarify tax policies regarding the transfer of state-owned equity and cash income to support the social security fund, effective from April 1, 2024 [1][2]. Group 1: Tax Policies - The notice exempts value-added tax on all interest and interest-like income obtained from loans and income from the transfer of financial products during the investment process of transferred state-owned equity and cash income [1]. - Income from the transfer of state-owned equity and cash income investments will be classified as non-taxable income for corporate income tax purposes [1]. - The transfer of non-listed state-owned equity will be exempt from stamp duty for the receiving entity [1]. Group 2: Implementation and Background - The notice is part of a broader initiative to enhance the sustainability of the basic pension insurance system, as outlined in the 2017 plan to transfer 10% of state-owned equity from central and local state-owned enterprises and financial institutions to the social security fund [2]. - The State Council's plan aims to address the funding gap in the basic pension insurance fund caused by the implementation of policies recognizing years of service for contributions [2]. - The management of the transferred state-owned equity will be handled by the National Social Security Fund Council and designated state-owned companies [2]. Group 3: Financial Impact - 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 by the end of 2024 [3]. - In 2024, the fund received dividends of 26.422 billion yuan from the transferred enterprises, accumulating to 111.606 billion yuan in total dividends received [3]. - The chief economist at Zhongyin International Securities noted that increasing the transfer of state capital to the social security fund could boost consumption in the short term and align with long-term economic structural transformation [3].

【导读】财政部、税务总局发布《关于划转充实社保基金国有股权及现金收益运作管理税收 政策的通知》 中国基金报记者 晨曦 9月2日，财政部官网显示，财政部、税务总局联合发布《关于划转充实社保基金国有股权及 现金收益运作管理税收政策的通知》（以下简称《通知》）。 为支持划转充实社保基金国有股权及现金收益运作管理， 《通知》给出以下税收政策： 一、对承接主体在运用划转的国有股权和现金收益投资过程中，贷款服务取得的全部利息及 利息性质的收入和金融商品转让收入，免征增值税。 二、将转让划转的国有股权及现金收益投资取得的收入，作为企业所得税不征税收入。 近期，中银国际证券首席经济学家徐高在公开活动中表示，现阶段，通过加大国有资本向社 保基金划转，将国有资本回报更多导向低收入群体，这在短期内对提振消费产生立竿见影的 效果，长期来看也符合经济结构转型方向。 编辑：江右 四、 对承接主体转让划转的上市公司国有股权，以及运用现金收益买卖证券应缴纳的证券交 易印花税，实行先征后返。 《 通知 》 所称 " 承接主体 "， 是指《国务院关于印发划转部分国有资本充实社保基金实施 方案的通知》（国发〔2017〕49号）规定的负责国有股权及 ...

Group 1 - The core viewpoint of the articles emphasizes the need to enhance consumption demand by improving the income levels of low-income groups and increasing their pension benefits, with state-owned capital playing a crucial role in this process [1][2] - The chief economist of Zhongyin International Securities suggests that transferring state-owned capital to social security funds can have an immediate positive impact on consumption and aligns with the long-term direction of economic structural transformation [1] - As of the end of 2024, the value of transferred state-owned equity is projected to be 2.1 trillion yuan, with dividends from transferred enterprises expected to reach 26.422 billion yuan in 2024, accumulating to 111.6 billion yuan [1] Group 2 - Liu Shijin, a vice chairman of the Economic Committee of the National Committee of the Chinese People's Political Consultative Conference, argues for a shift in the use of state-owned capital earnings towards supporting consumption, especially through enhancing pension levels for low-income groups [2] - The large-scale transfer of state-owned capital to pension funds is seen as a necessary strategy for stimulating consumption and reflects the mission of state-owned capital to serve the high-quality development of the country [2] - The transfer of state-owned capital to pension funds is expected to positively impact the stock market by providing long-term capital, thereby creating a linkage effect that promotes consumption, strengthens social security, and stabilizes the stock market [2]