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Is corporate income tax levied on the difference income of securities investment fund managers who use funds to buy and sell stocks and bonds?
According to the Notice of the Ministry of Finance of State Taxation Administration of The People's Republic of China on Some Preferential Policies for Enterprise Income Tax (Caishui [2008] 1No.), "II. Preferential policies to encourage the development 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. "