China MOF Issues Announcements on VAT, Individual Income Tax Policies for Commodity Futures

The Chinese Ministry of Finance Aug. 22 issued Announcement Nos. 21 and 26, on VAT and individual income tax policies to support commodity futures markets. The announcements explain: 1) a temporary VAT exemption for bonded delivery businesses of commodity futures that are open to other countries with approval of the State Council; and 2) the continuation of the temporary individual income tax exemption for income earned by foreigners from investments in domestic crude oil or other domestic commodity futures products approved by the State Council to be open to other countries. The announcements apply until Dec. 31, 2027. [China, Ministry …