Core Viewpoint - Understanding "non-taxable income" is essential for enterprises to manage tax risks effectively in their daily financial and tax operations [1] Group 1: Types of Non-Taxable Income - Fiscal allocations refer to financial resources allocated by various levels of government to budget-managed institutions and social organizations, unless otherwise specified by the State Council [2] - Administrative and institutional fees collected according to laws and regulations, as well as government funds, are included in non-taxable income [3] - Other non-taxable income as defined by the State Council includes financial resources designated for specific purposes and approved by the State Council [4] Group 2: Specific Non-Taxable Income Sources - Income from the National Social Security Fund, including bank interest and investment returns from securities, is considered non-taxable income for corporate income tax [5] - Direct equity investment returns and equity fund returns from the National Social Security Fund are also classified as non-taxable income [6] - Software companies that meet certain criteria can treat VAT refunds as non-taxable income if used for R&D and accounted separately [7] - Nuclear power enterprises can receive VAT refunds for specific uses without incurring corporate income tax since January 1, 2008 [8] - Investment income from the basic pension insurance fund, within approved investment scopes, is classified as non-taxable income [9] - Assets transferred to enterprises by local governments for designated purposes can be treated as non-taxable income, calculated based on the government's determined value [10] Group 3: Misconceptions about Non-Taxable Income - Misconception: Expenses from non-taxable income used for R&D can enjoy additional deductions. Correct: Such expenses cannot be deducted or amortized [11] - Misconception: Depreciation on assets purchased with non-taxable income can be deducted before tax. Correct: Expenses related to non-taxable income cannot be deducted when calculating taxable income [11] - Misconception: Fees received from tax authorities for withholding employee income tax can be treated as non-taxable income. Correct: These fees do not meet the criteria for non-taxable income [11]

Core Insights - The National Social Security Fund Council released the "National Social Security Fund 2024 Annual Report" on September 30, 2023, indicating an investment income of 218.418 billion yuan for 2024, with an investment return rate of 8.10% [1] Investment Performance - The realized income for the fund amounts to 43.651 billion yuan, reflecting a realized return rate of 1.64% [1] - The fair value change of trading assets is reported at 174.767 billion yuan [1] - Since its establishment, the fund has achieved an average annual investment return rate of 7.39%, with a cumulative investment income of 1,900.998 billion yuan [1]