Tax Credit for Reinvested Profits: The 2025 Rules and Their October 2026 Local Landing
- The credit for reinvested profits rests on Announcement No. 2 of 2025 by the Ministry of Finance, the State Taxation Administration and the Ministry of Commerce, and on SAT Announcement No. 18 of 2025 on administration; it is not a 2026 policy, and October 2026 is when local execution became visible.
利润再投资税收抵免依据财政部、税务总局、商务部 2025 年第 2 号公告与税务总局 2025 年第 18 号公告，并非 2026 年新出台的政策；2026 年 10 月是地方落地集中显现的时间。
- Profits distributed by a Chinese resident enterprise and reinvested directly in China between 1 January 2025 and 31 December 2028 earn a credit of 10 per cent of the investment amount against the investor’s tax payable for the year, with unused credit carried forward.
境外投资者在 2025 年 1 月 1 日至 2028 年 12 月 31 日期间，将以境内居民企业分配利润进行的符合条件的直接投资，可按投资额 10% 抵免当年应纳税额，不足部分准予结转以后年度。
- Five conditions must be met together: the source of profit, the form of investment, the industry falling within the national encouraged catalogue, a holding period of at least five years, and a direct transfer of funds with no intermediate account.
五项条件须同时满足：利润来源、投资方式、产业属于全国鼓励外商投资产业目录、持股满五年、资金直接划转不得周转。
- The credit coexists with the deferral under Caishui [2018] No. 102: deferral changes when the withholding tax is paid, the credit reduces how much is paid.
抵免与财税〔2018〕102 号项下的递延纳税可以同时享受：递延改变纳税时点，抵免减少纳税金额。
- Two dates govern exit: five years of holding, and a seven-day window to declare and pay deferred tax after the investment is recovered, with a proportional reduction of the credit if the holding period falls short.
退出环节受两个时点约束：持股满五年；收回投资后七日内申报补缴递延税款，持股不满五年的还须按比例减少抵免额度。
- In October 2026 Bao’an district in Shenzhen publicised its first completed case, a Singapore-held airport equipment maker that ran the sequence from business registration change through commerce review, tax confirmation and foreign exchange registration.
2026 年 10 月，深圳市宝安区公布首例落地案例：一家新加坡股东持股的空港装备制造企业走完工商变更、商务审核、税务确认、外汇登记全流程。
Tax Credit for Reinvested Profits: The 2025 Rules and Their October 2026 Local Landing | 利润再投资税收抵免：2025 年政策规则与 2026 年 10 月地方落地
Overview
The credit for reinvested profits is often described as a recent incentive. It is not. The substantive rule is Announcement No. 2 of 2025, issued jointly by the Ministry of Finance, the State Taxation Administration and the Ministry of Commerce on 27 June 2025; the administrative detail is SAT Announcement No. 18 of 2025, of 1 August 2025. What October 2026 adds is evidence of local execution: a first completed case in Shenzhen’s Bao’an district, an exchange meeting there on 16 October, a seminar in Luohu on 20 October, and confirmation forms issued by Gansu’s tax authority for four enterprise-instances, reported on 13 October.
The measure sits on an older one rather than replacing it. Caishui [2018] No. 102, with SAT Announcement No. 53 of 2018, allows a foreign investor to defer withholding tax on profits reinvested directly in China; the 2025 credit is additional and may be claimed at the same time. Deferral changes when the tax is paid, the credit reduces how much is paid.
How the credit works
The window runs from 1 January 2025 to 31 December 2028. Within it, where a foreign investor uses profits distributed by a Chinese resident enterprise for qualifying direct investment in China, it may credit 10 per cent of the investment against its tax payable for the year; excess credit is carried forward.
Where a treaty provides a dividend rate below 10 per cent, the credit may be computed at that rate instead. The election is irrevocable — including when the investor recovers the investment after five years and declares the deferred tax, the lower treaty ratio cannot then be substituted.
The tax against which the credit is set is defined narrowly: the enterprise income tax payable on dividends, interest, royalties and similar income under Article 3(3) of the Enterprise Income Tax Law that the investor derives from the profit-distributing enterprise after the date of reinvestment. In practice the credit is absorbed by withholding tax on later distributions from the same company.
Five conditions, all required
Source of profit. A dividend or other equity return formed from retained earnings actually distributed by a resident enterprise. Undistributed profit does not qualify.
Form of investment. Capital increase, new establishment or equity acquisition. New subscription, conversion or acquisition of shares in a listed company is excluded, except qualifying strategic investment.
Industry. The investee’s business must fall within the national catalogue of industries encouraged for foreign investment. A regional catalogue does not substitute for it — the condition most often misread.
Holding period. Continuous holding of at least five years, or 60 months.
Flow of funds. For cash, from the distributor’s account directly to the investee or the equity seller, with no intermediate account in China or abroad. For non-cash consideration, ownership passes directly, and may not be held by another enterprise or individual even temporarily.
Procedure, and two dates
The filing route runs through the investee. The investor reports to the local commerce authority on the Ministry of Commerce’s unified platform: names and jurisdictions, the locations of investee and distributor, the date of reinvestment, the industry and the amount, with evidence. The local authority verifies and submits the file to the provincial commerce authority, which confirms eligibility with the finance and tax authorities at the same level and issues a Profit Reinvestment Confirmation Form with a nationally unique code.
For the credit, the investor gives the distributor the information report form and the confirmation form; the distributor submits the withholding return and both forms to its competent tax authority.
Two dates matter on exit. The first is the fifth anniversary. The second is the seven days after recovery: where the investment is recovered after five years, the deferred tax is declared and paid within seven days to the tax authority where the distributor sits, and any remaining credit may offset the liability. Where recovery happens earlier, the deferred tax is payable and the credit is reduced proportionally, with any excess already used paid within seven days.
Beyond the window, a balance remaining at 31 December 2028 may be used until exhausted. Investment made between 1 January 2025 and the announcement could be submitted for retroactive treatment, but credit formed in that interval offsets only tax arising afterwards. Investment before 1 January 2025 cannot be treated retroactively.
Where it landed in October 2026
Bao’an. In August 2026 an airport equipment manufacturer with a Singaporean shareholder completed a reinvestment and applied the credit — the district’s first case. On 16 October the district commerce and tax bureaus held an exchange meeting at the company with twelve foreign-invested enterprises from Germany, Italy, Japan, Sweden and Hong Kong; its finance team walked through registration change, commerce review, tax confirmation and foreign exchange registration. The district recorded RMB 5 billion of actual foreign investment in 2025, up 41.2 per cent and third in the city, with 19 multinational regional headquarters recognised.
Luohu. On 20 October the district investment promotion bureau held a seminar for more than twenty foreign-invested enterprises, at which the tax department explained the scope and conditions.
Gansu. During 2026 the provincial tax authority has issued the confirmation form for four enterprise-instances, as reported by China Tax News on 13 October.
National. Reinvestment reached RMB 93.99 billion in January–September 2026, up 4.7 per cent, its share up 1.5 percentage points, per the Ministry of Commerce briefing on 22 October.
Implications for foreign companies
Three errors account for most lost claims, and each is structural.
Routing the money through the overseas parent destroys eligibility: the funds must move from the distributor’s account directly to the investee, so the sequencing has to be designed before the distribution resolution.
Assuming any equity purchase qualifies is the second: listed shares are outside the scope unless the investment is a qualifying strategic investment.
Reading the regional catalogue is the third: the test is the national catalogue, and a project listed only provincially fails.
The two dates belong in the investment agreement. A five-year hold is a long commitment for a group that may need to restructure, and a partial recovery triggers a seven-day payment window.
The local cases show where the bottleneck sits. Bao’an’s four steps belong to four functions, and the confirmation form is issued mid-chain; a group that starts after the capital is paid in has usually broken the flow condition. In provinces with fewer cases, issuance of the form is itself the pacing item.
Related reading
- *China’s 15-Measure Action Plan for Stabilising Foreign Investment: A Clause-by-Clause Guide* (Article 471) — reinvestment appears there as one item in a wider facilitation package.
- Withholding tax on dividends and the treaty network: how the rate is fixed before the credit election is made.
Sources
- 国家税务总局甘肃省税务局·《中国税务报》关于为 4 户次企业出具《利润再投资情况表》的报道（2026-10-13）：http://gansu.chinatax.gov.cn/art/2026/10/13/art_560_480123.html
- 深圳市宝安区人民政府·宝安区首例利润再投资税收抵免办结（2026-10-21）：https://www.baoan.gov.cn/baqwqfbgs/gkmlpt/content/13/13034/post_13034898.html
- 深圳市人民政府·罗湖区外商投资企业政策座谈会（2026-10-20）：https://www.sz.gov.cn/cn/zjsz/fwts_1_3/tzdt_1/content/post_13033609.html
- 国家税务总局山东省税务局·政策文件栏目（含财政部 税务总局 商务部 2025 年第 2 号公告、国家税务总局 2025 年第 18 号公告）：https://shandong.chinatax.gov.cn/col/col17634/index.html
- 国家税务总局·境外投资者以分配利润直接投资税收抵免政策与申报口径（总局政策文件栏目）：https://www.chinatax.gov.cn/
利润再投资税收抵免：2025 年政策规则与 2026 年 10 月地方落地
概述
利润再投资税收抵免常被描述为一项新近推出的优惠。这个说法不准确。实体规则是财政部、税务总局、商务部于 2025 年 6 月 27 日联合发布的 2025 年第 2 号公告；征管口径是国家税务总局于 2025 年 8 月 1 日发布的 2025 年第 18 号公告。两份文件在符合条件的窗口期开始时就已生效。2026 年 10 月增加的是地方执行的证据：深圳市宝安区首例办结、10 月 16 日该区举办的交流会、10 月 20 日罗湖区的座谈会，以及甘肃省税务局为 4 户次企业出具《利润再投资情况表》（10 月 13 日报道）。
这项政策不是取代旧政策，而是叠加在旧政策之上。财税〔2018〕102 号文及国家税务总局 2018 年第 53 号公告，允许境外投资者将以分配利润直接在境内投资时暂不征收预提所得税。2025 年的抵免是额外的，可以与递延同时享受。两者作用在不同的变量上：递延改变纳税时点，抵免减少纳税金额。对一个已在中国子公司累积利润、正在权衡汇出还是再投资的集团来说，这是现行外资制度中最具体的现金激励；它的适用条件又相当机械，意味着工作重点在材料与顺序，而不在政策解释。
抵免如何计算
窗口期为 2025 年 1 月 1 日至 2028 年 12 月 31 日。在此期间，境外投资者将以境内居民企业分配的利润用于境内符合条件的直接投资，可按投资额的 10% 抵免当年应纳税额；超过当年应纳税额的部分，准予向以后年度结转使用。
若我国与该投资者所在税收管辖区签订的税收协定规定股息适用税率低于 10%，可按协定税率计算抵免。该选择一经作出不得变更。尤其是在持股满五年后收回投资、申报补缴递延税款时，不能再改用更低的协定比例——设立之初的选择决定后续全部计算。
可用于抵免的税额界定得较窄：限于境外投资者自利润分配再投资之日以后，从利润分配企业取得的、按企业所得税法第三条第三款规定的股息红利、利息、特许权使用费等所得应缴纳的企业所得税。实务中，抵免额度通常由同一公司后续分配产生的预提所得税吸收，而不是由其他来源所得的税款吸收。
五项条件，须同时满足
利润来源。 分配的利润须属境内居民企业向投资者实际分配的留存收益所形成的股息、红利等权益性投资收益。账上有利润但未分配不行，分配这个动作必须已经发生。
投资方式。 以分得利润进行的境内直接投资，包括增资、新建、股权收购等权益性投资。新增、转增、收购上市公司股份不在范围内，符合条件的战略投资除外。
产业范围。 再投资期限内，被投资企业从事的产业须属于《鼓励外商投资产业目录》中的全国鼓励外商投资产业目录所列产业。地区目录不能替代全国目录，这是最常被误读的一项条件。
投资期限。 连续持有满五年（60 个月）以上。
资金流转。 以现金支付的，款项须从利润分配企业账户直接转入被投资企业或股权转让方账户，直接投资前不得在境内外其他账户周转；以实物、有价证券等非现金形式支付的，资产所有权须直接从利润分配企业转入被投资企业或股权转让方，不得由其他企业、个人代为持有或临时持有。
办理路径与两个时点
资料报送经由被投资企业完成。境外投资者通过被投资企业，经商务部业务系统统一平台（外商投资综合管理应用）向所在地商务主管部门报送：境外投资者名称与国别、被投资企业与利润分配企业名称及所在地、再投资时间、行业领域与金额，并附凭证。企业所在地商务主管部门比对核实后，提交省级商务主管部门，由省级商务主管部门会同同级财政、税务等部门确认符合条件，出具载有全国唯一编码的《利润再投资情况表》等材料；被投资企业将材料交给境外投资者。
抵免环节，境外投资者向利润分配企业提供《境外投资者再投资税收抵免信息报告表》和《利润再投资情况表》。利润分配企业申报抵减时，向主管税务机关提交《中华人民共和国扣缴企业所得税报告表》及上述两份表格。
退出环节受两个时点约束。第一个是持股满五年。第二个是收回投资后的七日：投资满五年后收回全部或部分直接投资的，应在收回投资后七日内向利润分配企业所在地税务机关申报补缴递延税款，抵免结转余额可抵减其应纳税款；持股不满五年收回的，除补缴递延税款外，还须按比例减少可享受的抵免额度，已使用额度超过调整后额度的，应在七日内补缴超出部分。
窗口期结束后，2028 年 12 月 31 日以后仍有抵免余额的，可继续享受至余额用完。2025 年 1 月 1 日至公告发布前发生的符合条件投资，可自公告发布之日起申请追补享受，但该期间形成的抵免额度仅可用于抵减公告发布之日后产生的符合条件应纳税额；2025 年 1 月 1 日之前的投资不得追溯享受。
2026 年 10 月的地方落地
深圳宝安。 2026 年 8 月，一家外资股东来自新加坡的空港装备制造企业完成利润再投资并成功适用抵免政策，为宝安区首例。10 月 16 日，宝安区商务局、区税务局在该企业举办外资企业交流会，来自德国、意大利、日本、瑞典及中国香港等国家和地区的 12 家重点外资企业参加，企业财务团队按工商变更、商务审核、税务确认、外汇登记四步拆解了全流程。宝安区 2025 年实际使用外资 50 亿元、同比增长 41.2%，规模居深圳全市第三；全区累计认定跨国公司总部企业 19 家。
深圳罗湖。 10 月 20 日，罗湖区投资促进局举办外资企业专题交流座谈会，20 余家重点外资企业参加，区税务部门就抵免政策的适用范围与享受条件作了讲解。
甘肃。 2026 年，甘肃省税务局落实境外投资者利润再投资递延纳税政策，已为 4 户次企业出具《利润再投资情况表》，据《中国税务报》10 月 13 日报道。出具情况表是税务机关一侧的动作，也是把一笔符合条件的交易转化为扣缴义务人可以据以操作的文件的那一步。
全国口径。 据商务部 2026 年 10 月 22 日在国务院新闻办公室发布会上的数据，1—9 月利润再投资 939.9 亿元，同比增长 4.7%，占比较去年同期提高 1.5 个百分点。
对外资企业的实务意义
绝大多数落空的申请源于三类错误，而三类都属架构与顺序问题，不是解释问题。
第一类是把钱先汇到境外母公司。把股息汇给香港控股公司、再从香港汇回作为出资，是最常见的资金安排之一，而它直接摧毁资格，因为款项须从利润分配企业账户直接转入被投资企业。顺序必须在作出分配决议之前设计，而不是在之后补救。
第二类是想当然地认为任何股权购买都符合条件。上市公司股份不在范围内，除非属于符合条件的战略投资——这是一个比二级市场买入窄得多的类别。
第三类是拿地区目录当全国目录。条件指向的是《鼓励外商投资产业目录》中的全国目录；一个只列入省级鼓励目录、未列入全国目录的项目，不满足条件。
在资格之外，两个时点应当写进投资协议。五年持有对一个可能需要重组的集团是长承诺；部分收回触发七日缴款窗口，资金安排稍有疏漏就会错过。若设立时已按协定税率作出选择，退出计算就按该比例进行，不能改用届时看起来更有利的更低税率。
地方案例提示了实操瓶颈的位置。宝安的四步——工商变更、商务审核、税务确认、外汇登记——分属四个不同职能，而情况表在链条中段出具。若集团在资金已经缴付之后才启动流程，通常已经破坏了资金流转条件。甘肃的 4 户次则说明另一面：在案例较少的省份，税务机关出具情况表本身就是影响进度的环节，及早与当地商务、税务部门沟通，比把内部材料做到完美更有价值。
延伸阅读
- 《中国利用外资固稳促优行动方案 15 条逐条解读》（第 471 篇）——再投资在其中是一项更宽泛便利化安排中的一个条目。
- 股息预提所得税与税收协定网络：在作出抵免比例选择之前，税率如何确定。
- 财税〔2018〕102 号项下的再投资递延纳税及其与集团资金安排的衔接。
来源
- 国家税务总局甘肃省税务局·《中国税务报》关于为 4 户次企业出具《利润再投资情况表》的报道（2026-10-13）：http://gansu.chinatax.gov.cn/art/2026/10/13/art_560_480123.html
- 深圳市宝安区人民政府·全区首例利润再投资税收抵免落地（2026-10-21）：https://www.baoan.gov.cn/baqwqfbgs/gkmlpt/content/13/13034/post_13034898.html
- 深圳政府在线·罗湖区外资企业专题交流座谈会（2026-10-20）：https://www.sz.gov.cn/cn/zjsz/fwts_1_3/tzdt_1/content/post_13033609.html
- 红网政务·政策要点梳理（含 2025 年第 2 号公告与 2025 年第 18 号公告引述）：https://gov.rednet.cn/content/646054/66/16396922.html
- 国家税务总局山东省税务局·政策公告列表（可见 2025 年第 18 号公告条目）：https://shandong.chinatax.gov.cn/col/col17634/index.html?uid=1845&pageNum=2