Ministry of Finance and two other departments: the difference income obtained by individual investors from transferring innovative enterprise CDRs is temporarily exempt from value-added tax.

The Ministry of Finance and two other departments announced that the price difference income obtained by individual investors from transferring innovative enterprise CDRs will be temporarily exempted from value-added tax. The price difference income obtained by institutional investors from transferring innovative enterprise CDRs will be exempted from value-added tax according to the financial product transfer policy. From January 1, 2026 to December 31, 2027, the price difference income obtained from transferring innovative enterprise CDRs during the operation of publicly offered securities investment fund managers will be temporarily exempted from value-added tax. Price difference income obtained by qualified overseas institutional investors and Renminbi qualified overseas institutional investors from entrusting domestic companies to transfer innovative enterprise CDRs will be temporarily exempted from value-added tax.