Circular on Tax Policies for Supporting the Opening of Crude Oil and Other Such Commodities Futures Markets to Foreign Investors
关于支持原油等货物期货市场对外开放税收政策的通知
China opens up its futures market
(Issued by the Ministry of Finance, the State Administration of Taxation and the China Securities Regulatory Commission on, and effective as of, March 13, 2018.)
(财政部、国家税务总局、中国证券监督管理委员会于二零一八年三月十三日发布施行。)
Cai Shui [2018] No. 21
财税〔2018〕21 号
Finance departments (bureaus), offices of the State Administration of Taxation and local taxation bureaus of the provinces, autonomous regions, municipalities directly under the central government and cities with independent development plans, and the Finance Bureau of the Xinjiang Production and Construction Corps:
各省、自治区、直辖市、计划单列市财政厅（局）、国家税务局、地方税务局，新疆生产建设兵团财政局：
With a view to supporting the opening of crude oil and other such commodities futures markets to foreign investors, we hereby notify you of relevant tax policies as follows:
为支持原油等货物期货市场对外开放，现将有关税收政策通知如下：
1 . Where a foreign institutional investor (including a foreign brokerage) does not have an establishment in China, or although it does have such an establishment, the income derived by it is not actually connected to its establishment, the income (excluding income from the delivery of the commodity) derived by it from the trading of crude oil futures in China shall provisionally be exempt from enterprise income tax; the commission income derived by an offshore brokerage from the provision to foreign investors abroad of Chinese domestic crude oil futures brokerage services does not constitute service income sourced in China and is exempt from enterprise income tax.
一、 对在中国境内未设立机构、场所的，或者虽设立机构、场所但取得的所得与其所设机构、场所没有实际联系的境外机构投资者（包括境外经纪机构），从事中国境内原油期货交易取得的所得（不含实物交割所得），暂不征收企业所得税；对境外经纪机构在境外为境外投资者提供中国境内原油期货经纪业务取得的佣金所得，不属于来源于中国境内的劳务所得，不征收企业所得税。
2 . The income derived by an individual investor located abroad from investing in crude oil futures in China shall provisionally be exempt from individual income tax for three years from the date on which crude oil futures are opened to foreign investors.
二、 自原油期货对外开放之日起，对境外个人投资者投资中国境内原油期货取得的所得，三年内暂免征收个人所得税。
3 . For other commodities futures the opening to foreign investors of which is approved by the State Council, matters shall be handled in accordance with the tax policies set forth herein.
三、 经国务院批准对外开放的其他货物期货品种，按照本通知规定的税收政策执行。
4 . This Circular shall be effective as of the date of issuance.
| clp reference:3520/18.03.13 issued:2018-03-13 effective:2018-03-13四、 本通知自发布之日起施行。
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