Crude oil futures, which are highly regarded by the market, will be listed on March 26. In order to support the opening of the commodity futures market such as crude oil, the Ministry of Finance, the State Administration of Taxation and the China Securities Regulatory Commission jointly issued the "Notice on Supporting the Opening Tax Policy for the Futures of Crude Oil and Other Commodities Futures Markets". Corporate income tax is levied and foreign individuals are exempted from three-year tax. Jiang Zhen, an associate researcher at the Institute of Finance and Economics of the Chinese Academy of Social Sciences, told the "Securities Daily" reporter that the preferential tax policy will significantly stimulate the enthusiasm of overseas institutions and individuals to invest in China's domestic crude oil futures. The "Notice" stated that in order to support the opening of the commodity futures market such as crude oil, foreign institutional investors who have no actual establishment of institutions or places in China, or who have established institutions or places but have no actual connection with the institutions and places they have established. (including overseas brokerage institutions), earning income from crude oil futures trading in China (excluding physical delivery income), temporarily exempting corporate income tax; commissions for overseas brokerage institutions to provide overseas investors with crude oil futures brokerage business in China The income does not belong to the income from labor services originating in China, and no enterprise income tax is levied. The "Notice" also emphasizes that since the opening of crude oil futures, the income of foreign individual investors investing in crude oil futures in China will be temporarily exempted from personal income tax within three years. Zhang Yiqun, director of the Jilin Provincial Institute of Fiscal Science, told the Securities Daily that Chinaâ€™s first crude oil futures contract was denominated in renminbi, marking a further step forward in the internationalization of the renminbi and marking Chinaâ€™s international market. Crude oil begins to have its own voice and pricing power, which plays an important role in stabilizing energy prices and protecting national energy interests. "In order to support the rapid development of listed crude oil futures, the state implements a series of preferential tax policies, which is to encourage foreign powerful and influential enterprises to actively participate in the renminbi-denominated crude oil futures, and rapidly expand the trading scale of listed crude oil futures. Accelerate the promotion of trading position in the international crude oil market." Zhang Yiqun said that with the recovery of the world economy and the rapid development of China's economy, the demand for crude oil-based energy will increase rapidly, and the original futures trading volume will increase. With the continuous expansion, the volume of RMB transactions will continue to rise, and the status of the RMB as a world reserve currency will become more consolidated and firm. It will also be welcomed by all countries in the world and will play an important role in promoting the internationalization of the RMB. .
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