Second, preferential policies to encourage the development of securities investment funds
(1) The income of securities investment funds from the securities market, including buying and selling stocks, bonds, dividends, interest income, bonds and other income, is withheld and remitted.
(2) Income allocated to withholding income tax by investors from securities investment funds.
(c) The fund manager who buys and sells stocks, bonds and securities investment funds will not be subject to enterprise income tax due to the difference in income from use. Preferential fiscal and tax policies to encourage the development of securities investment funds
Interpretation of the policy:
(1) The income of securities investment funds in the market as stipulated in the document [28], including buying and selling stocks, bonds, differential income, dividends on equity, dividend income, interest income on bonds and other income, is not subject to enterprise income tax.
this part is the income tax preference of securities investment funds. Considering the inherent property, fund property and fund management company, securities investment funds are independent of each other, and securities investment funds should be regarded as a separate taxable entity. However, in view of the fiscal and taxation encouraged and supported by the state necessary to invest in the development of the securities investment fund market [28], this document reiterates that the securities investment fund will not levy corporate income tax income from the stock market, in fact, it is to determine its tax-free income. However, the income securities investment fund shall be subject to the law in addition to the enterprise income tax on the stock market. "Notice of the Ministry of Finance and the State Administration for Industry and Commerce and the State Administration of Taxation on Tax Issues and Securities Investment Funds" (Caishui [1998] No.55) provides the income obtained at one time, including the income from buying and selling stocks and bond spreads, and the income from stock market, stock dividends, bonus income, interest income and other income bonds is not subject to enterprise income tax.
(2)
Cai Shuifa [28] document stipulates that the income from withholding corporate income tax shall be distributed by investors from securities investment funds.
Securities investment funds, enterprise investors (enterprise buyers), determine the distribution of income obtained by investors from securities investment funds (usually referred to as dividend income of funds for short), which are tax-free income under preferential corporate income tax policies. However, it is stipulated by the law between institutional investors with different corporate income tax income buying and selling securities investment funds (which belong to the income from property transfer).
caishui [1998] No.55, which provides the income of enterprise investors buying and selling fund units, should be included in the difference between taxable income and enterprise income tax. Caishui [28] No.1 does not grant the income tax exemption treatment for the price difference, therefore, the income from enterprise income tax obtained from the transfer of property in accordance with the Enterprise Income Tax Law and its implementing regulations.
Caishui [1998] No.55 stipulates that the income tax shall be withheld and remitted before the interest income from government bonds, the income from personal savings deposits and the income from personal trading spreads are recovered. The spread income distributed by enterprise investors from the fund to bonds that withhold and pay enterprise income tax. The regulations apply to all institutional investors absorbed by Caishui [28] No.1.
Ministry, Ministry of Finance and State Taxation Administration of The People's Republic of China's Notice on Tax Issues Concerning Open-end Securities Investment Funds (Cai Shuifa [22] No.128) stipulates that the difference between enterprise investors' subscription and redemption of units should be incorporated into the taxable income and enterprise income tax. Part of the price difference income has not been treated tax-free in the document of Finance and Taxation [28]. Caishui [22] No.128, the income obtained is distributed to investors (including individual and institutional investors), and personal income tax and enterprise income tax will not be levied from the fund. The institutional investors provided here are also absorbed by Cai Shuifa [28] No.1.
(3)
Cai Shuifa [28] No.1 stipulates that in the sale of stocks and bonds, the managers of securities investment funds use the funds to withhold and pay enterprise income tax.
fund managers (fund management companies) of securities investment funds and securities investment funds are two different taxable entities. According to the circular of the Ministry of Finance and State Taxation Administration of The People's Republic of China on the tax policy of securities investment funds (Caishui [24] No.78), since January 1, 24, managers of securities investment funds (closed-end securities investment funds, open-end securities investment funds with different fund returns) have bought and sold stocks and bonds, and continue to be exempted from business tax and enterprise income tax. Caishui [28] No.1 actually continues to reiterate Cai Shui [24] No.78 Securities Investment Fund's income tax preference for fund managers.
"Notice of the Ministry of Finance and State Taxation Administration of The People's Republic of China on Tax Issues Concerning Open-end Securities Investment Funds" (Cai Shui [22] No.128) is used to provide the fund managers with the difference between buying and selling stocks, bonds and income, and the enterprise income tax will be temporarily exempted from the end of 23. Caishui [24] No.78 stipulates that from January 1, 24, business tax and enterprise income tax will continue to be levied on the different incomes of managers of stocks, bonds and securities investment funds (closed-end securities investment funds and open-end securities investment funds) traded with funds. Now, according to the document Caishui [28] No.1, the benefits of the spread income income tax are sustainable.
Therefore, the gains from personal funds collected by investment companies and futures trading do not enjoy this preferential policy.