Two. Preferential policies to encourage the development of securities investment funds
(1) The income obtained by securities investment funds from the securities market, including the price difference income from buying and selling stocks and bonds, dividend income from equity, interest income from bonds and other income, will not be levied for the time being.
(2) No enterprise income tax is levied on the income obtained by investors from the distribution of securities investment funds.
(3) No enterprise income tax will be levied on the difference income of securities investment fund managers who use funds to buy and sell stocks and bonds.
Interpretation of preferential policies to encourage the development of securities investment funds;
( 1)
According to the document Caishui [2008] 1, the income obtained by securities investment funds from the securities market, including the price difference income from buying and selling stocks and bonds, equity dividend income, bond interest income and other income, will not be levied for the time being.
This article is a preferential income tax for securities investment funds. Considering that the fund property formed by securities investment funds and the inherent property of fund management companies are independent of each other, securities investment funds should be regarded as separate taxpayers. However, considering that the development of the securities investment fund market needs the encouragement and support of the state, Caishui [2008] 1 reiterated that the income obtained by the securities investment fund from the securities market is not subject to corporate income tax for the time being, but is actually determined as tax-free income. However, the income obtained by securities investment funds from outside the securities market shall be subject to enterprise income tax according to law. The former Ministry of Finance's Notice of People's Republic of China (PRC) and State Taxation Administration of The People's Republic of China on Taxation of Securities Investment Funds (Caishui [1998] No.55) stipulated that the income obtained by the fund from the securities market, including the price difference income from buying and selling stocks and bonds, dividend income from stocks, interest income from bonds and other income, will not be collected for the time being.
(2)
According to the document Caishui [2008] 1, the income from the distribution of securities investment funds obtained by investors is not subject to enterprise income tax for the time being.
This article is a preferential enterprise income tax for legal person investors (legal person buyers) of securities investment funds, and the income obtained by investors from the distribution of securities investment funds (generally referring to fund dividend income) is determined as tax-free income. However, corporate income tax should be levied according to law on the difference income (income from property transfer) formed by legal person investors buying and selling securities investment funds.
Caishui [1998] No.55 once stipulated that the difference income obtained by enterprise investors from buying and selling fund shares should be incorporated into the taxable income of enterprises and enterprise income tax should be levied. As the document Caishui [2008] 1 does not give tax exemption treatment to this income difference, according to the Enterprise Income Tax Law and its implementing regulations, this income shall be subject to enterprise income tax as the income from property transfer.
Caishui [1998] No.55 has stipulated that income tax will not be levied on the debt interest, savings deposit interest and spread income from stock trading obtained by investors from fund distribution until the debt interest income, personal savings deposit interest income and spread income from stock trading are resumed. Enterprise income tax will not be levied on the bond price difference income obtained by enterprise investors from fund distribution for the time being. The provisions applicable to corporate investors have all been absorbed into the document Caishui [2008] 1.
The Notice of State Taxation Administration of The People's Republic of China of the Ministry of Finance on Tax Issues Concerning Open-end Securities Investment Funds (Caishuizi [2002] 128) once stipulated that the difference income obtained by enterprise investors from purchasing and redeeming fund shares should be incorporated into the taxable income of enterprises and enterprise income tax should be levied. This part of the price difference income is not tax-free in the document Caishui [2008] 1. Caishui [2002] 128 pointed out that individual income tax and enterprise income tax will not be levied on the income obtained by investors (including individual and institutional investors) from fund distribution for the time being. The preferential treatment for corporate investors here has also been absorbed by the document Caishui [2008] 1.
(3)
According to the document Caishui [2008] 1, the enterprise income tax is not levied on the difference income of securities investment fund managers who use funds to buy and sell stocks and bonds.
Securities investment fund managers (fund management companies) and securities investment funds are two different taxpayers. According to the Notice of State Taxation Administration of The People's Republic of China of the Ministry of Finance on the Tax Policy of Securities Investment Funds (Caishuizi [2004] No.78), since June 5438+ 10/day, 2004, the difference income of securities investment fund managers (closed-end securities investment funds and open-end securities investment funds) using funds to buy and sell stocks and bonds will continue to be exempted from business tax and enterprise income tax. The document Caishui [2008] 1 actually continues to reiterate the income tax preference of Caishui [2004] No.78 for securities investment fund managers.
The Notice of State Taxation Administration of The People's Republic of China, Ministry of Finance on Tax Issues Concerning Open-end Securities Investment Funds (Caishuizi [2002] 128) once stipulated that the difference income of fund managers using funds to buy and sell stocks and bonds before the end of 2003 will be temporarily exempted from enterprise income tax. Caishui [2004] No.78 further stipulates that since June 5438+ 10/day, 2004, managers of securities investment funds (closed-end securities investment funds and open-end securities investment funds) will continue to be exempted from business tax and enterprise income tax on the difference income from buying and selling stocks and bonds with funds. According to the document Caishui [2008] 1, the income tax preference for differential income is sustainable.
Therefore, investment companies do not enjoy this preferential policy when collecting personal funds for futures trading.