China MOF Releases Announcements on Value Added Tax and Individual Income Tax Policy for Commodity Futures

China’s Ministry of Finance released Notices Nos. 21 and 26 on VAT and Individual Income Tax Policies to Support Commodity Futures Markets on Aug. 22. The announcements detail: 1) a temporary VAT exemption for transactions involving the delivery of bonded commodity futures, open to other countries with the approval of the State Council; and 2) the continuation of the temporary individual income tax exemption for income earned by nonresidents from investments in domestic crude oil or other domestic commodity futures, the opening of which to other countries has been approved by the State Council. The announcements are valid until December 31, 2027.[ChinaMinistry[ChinaMinistry[ChinaMinisterium[ChinaMinistry