On September 1, 2026, a measure that had been implemented超过32年的税收优惠政策，正式画上了句号The

当天，财政部、税务总局联合发布《关于外籍个人股息红利个人所得税政策有关事项的公告》（财政部税务总局公告2026年第27号）。公告明确：Income from dividends and profits received by foreign individuals from foreign-invested enterprises is subject to individual income tax under the “interest, dividends, and profits” category, with a tax rate of 20%.The

这意味着，自1994年以来外籍个人从外商投资企业取得分红Completely tax-freeThat era has officially come to an end.The

过去32年里，这条“红利通道”让无数外籍股东享受了实实在在的税收红利。如今通道关闭，外籍个人直接持股的税负从0直接拉升至20%The

20%的税负落差，你的持股架构还扛得住吗？

以下内容基于财政部税务总局公告2026年第27号及公开政策解读整理。

如果你持有外商投资企业股权，不确定新政策下的税负影响和架构调整方案，可以先加微信发基本情况过来，企财盈帮你做个初步评估。

 WeChat: qcygscszk 📞 Phone: 18676749275

一、政策到底变了什么？

旧政策：免税32年

According to Item (8) of Article 2 of the “Notice of the Ministry of Finance and the State Administration of Taxation on Several Policy Issues Concerning Individual Income Tax” (Cai Shui Zi [1994] No. 20), issued in 1994, income in the form of dividends and profits received by foreign individuals from foreign-invested enterprises,Temporary Exemption from Personal Income TaxThe

这项政策出台的背景是改革开放初期，为了吸引外商投资而设立的税收优惠。在过去30多年里，大量外籍个人股东因此享受了分红零税负的待遇。

New Policy: Taxation Will Be Uniformly Based on 20%

Effective September 1, 2026,Item (8) of Article 2 of Document No. 20 [1994] of the Ministry of Finance and Taxation is hereby officially repealed.。此后，外籍个人从外商投资企业取得的股息红利所得，与国内自然人股东一样，统一按照“利息、股息、红利所得”缴纳个人所得税，适用20% Tax RateThe

征管要求：谁扣缴？什么时候交？

公告同时明确了征管责任::

• foreign-invested enterprise向外籍个人支付股息红利时，应当代扣代缴税款，并于支付所得的Within 15 days of the following monthTax Filing
• corporations未扣缴税款的，取得股息红利的外籍个人应当在取得所得的次年6月30日前Pay Taxes on Your Own
• 税务机关通知限期缴纳的，外籍个人应当按照规定期限缴纳税款

In a nutshell: 企业有代扣代缴义务，企业没扣、个人自己得交。不要抱有“企业没扣就不用交”的侥幸心理。

二、算一笔账：新政策到底让你多交多少钱？

新政前后，税负差距有多大？我们来做三个情景的测算。

情景一：外籍个人直接持股

旧政策： 分红1000万 → 缴税0 dollars → 到手10 million.

新政策： 分红1000万 → 缴税2 million（20%）→ 到手8 million

差额：200万

情景二：对比其他境外主体持股

同样是1000万分红，不同持股架构的税负差异非常明显::

外籍个人直接持股 vs 合规香港公司持股：税差可达150万The

分红规模越大，税负差距进一步放大。如果分红是1个亿，外籍个人直接持股要交2000万，合规香港公司持股只需交500万——差了1500万The

情景三：时间差陷阱

这里要特别提醒一个容易被忽略的问题。

如果你的外商投资企业在8月作出了分红决议，但分红款项9月1日之后才实际支付——对不起，按新政执行，20%个税照扣。

“决议时间”不等于“支付时间”，税局看的是后者。

三、为什么偏偏是现在取消这项政策？

很多外籍股东会问：这项政策执行了32年，为什么现在突然取消？

原因一：时代背景变了

北京国家会计学院副院长李旭红在接受采访时指出，对外籍个人股息红利免征个税的政策，是改革开放初期吸引外资的税收优惠政策。“但是，随着我国进入高质量发展阶段，市场、人才、法治、营商环境等成为外商投资选择的更为重要的决定因素，而不仅仅是税收优惠。”

In simple terms: 以前靠税收优惠吸引外资，现在靠的是营商环境、市场规模和法治水平。税收优惠不再是核心吸引力The

原因二：防止税收套利

In actual operation, byChange of Nationality, Restructuring of Enterprise Status等方式套取免税优惠的税收套利行为时有出现The

李旭红表示，该项免税政策的取消，有利于防范税收漏洞，避免一些投资者通过变换外籍身份来获得税收套利The

原因三：税收公平

外籍个人和国内自然人股东同样从外商投资企业获得分红，但国内股东要交20%个税，外籍股东却一分钱不用交——这种差异化的税收待遇，在当前阶段已经不再适应公平税收环境的要求The

政策趋势很清晰：税收优惠“碎片化”正在被逐步清理，内外税负正在走向统一。 就在8月21日，财政部副部长廖岷在国新办发布会上明确表示，将促进税制公平统一，消除“洼地”，系统梳理适应过去需要出台的税收优惠政策，Stop what needs to be stopped, and optimize what needs to be optimized in a timely manner.The

这不是孤立事件，而是一个长期趋势的开始The

四、这四类人受影响最大

Category 1: Shareholders of foreign-invested enterprises in which foreign individuals hold direct equity interests

this isThe most direct and most impactful的一类。以前分红零税负，现在直接20%。如果你是企业利润积累较多、后续有分红计划的股东，现在就要开始算这笔账了The

Category 2: Individuals Who Obtain Tax Exemption Through a Change of Nationality

Some entrepreneurs change their nationality before going public or distributing dividends in order to take advantage of the tax exemption on dividends for foreign shareholders.. Following the new policy, this roadIt's a complete dead end.—Regardless of when you obtained your foreign national status, if you are a foreign individual receiving dividends from a foreign-invested enterprise, the tax code is 20%.

第三类：有海外上市计划的企业创始人

红筹架构、VIE架构中，外籍创始人通过境外公司持股，分红路径涉及跨境税务安排。新政后，个人层面的分红税负直接拉高，需要重新评估整个架构的税务成本。

第四类：有跨境资产配置需求的高净值个人

If you are planning a cross-border investment structure and are unsure whether to hold shares as an individual or through an offshore company,The new policy has directly changed the answers to the multiple-choice questions. Individual stock ownership has gone from being the “optimal solution” to the “most expensive solution.”

五、应对方案：架构调整是最优解

新政之后，外籍个人直接持股已经不再具备任何税负优势。符合条件的香港、新加坡控股架构，成为跨境投资人重点关注的方向The

为什么是香港公司？

根据内地与香港的税收安排，香港居民企业持有内地居民企业25%以上股份且符合“受益所有人”条件的，内地公司向其支付的股息可享受5%的优惠预提所得税税率The

Contrast:

同样是1000万分红：外籍个人直接持股交200万，香港公司持股只需交50万The

但注意：不是注册一家香港公司就万事大吉

这里必须提醒一个高频误区：并不是随便注册一家香港公司，就能直接享受5%的协定待遇The

想要拿到5%的优惠税率，需要同时满足多重硬性条件::

1. 持股比例门槛。 香港公司必须直接持有境内公司不少于25%的股权，并且在取得分红前的连续12个月内任何时候都要维持该持股比例。短期突击入股无法享受优惠税率。

2. 受益所有人身份认定。 香港公司不能是仅用来过账的空壳、导管公司，需要具备对应的人员、管理职能等Commercial Substance。否则税务机关有权驳回协定优惠申请，按10%征税，还会触发反避税风险The

3. 香港税务居民身份。 香港公司需要是合资格的香港税务居民The

搭建跨境控股架构，商业实质、持股比例、持股时间三者缺一不可The

六、现在该做什么？

If you are a foreign individual shareholder

First, calculate exactly how your tax burden will change. 你持有的外商投资企业未来计划分红多少？按20%算，你要交多少税？这笔钱你准备好了吗？

第二，评估架构调整的可行性。 从个人直接持股调整为香港公司持股，不是“注册一家公司”那么简单。涉及股权变更、备案手续、跨境资金流转、多环节税费串联等一系列实操事项，每一步都需要严谨规划The

第三，关注“时间差”风险。 如果你的企业近期有分红计划，注意支付时间是否在9月1日之后。

如果你正在规划跨境投资架构

Stop treating “direct shareholding by foreign individuals” as the preferred option. Following the new policy, the tax burden associated with this option is no longer competitive.

建议从以下方向重新评估::

• Currently, foreign individuals hold shares directly, and there are plans for future dividend distributions → Evaluate structural adjustments as soon as possible
• Companies with substantial accumulated profits that plan to distribute those profits in the future → Recalculate the tax burden
• For those planning a cross-border investment structure → Compare the tax implications of holding shares personally versus through an offshore company

VII. What Can Qicaiying Do for You?

In response to the new policies on dividend distributions to foreign shareholders and the need to adjust cross-border shareholding structures, Qicaiying offers:

• Tax Impact Assessment of the Current Shareholding Structure—Get a comprehensive overview of your stock holdings and calculate how your tax burden will change before and after the new policy takes effect.
• Comparative Analysis of Different Shareholding Structures—Individual Shareholding vs. Hong Kong Company Shareholding vs. Other Overseas Entities: We’ll Help You Calculate the True Cost of Each Option
• Hong Kong Company Registration and Compliance Guidance— Hong Kong Company Registration, Application for Tax Residency, and Establishment of Business Substance
• Setting Up a Cross-Border Shareholding Structure—A Practical Guide to the Entire Process: From Equity Changes and Filing Procedures to Cross-Border Fund Transfers
• 税收协定优惠申请辅导——帮助符合条件的香港公司申请5%优惠税率
• 分红税务合规支持——代扣代缴申报、自行申报辅导、税务沟通支持

Who is this for?

• Shareholders who are foreign individuals directly holding equity in a foreign-invested enterprise——Following the new policy, the tax burden on dividends jumped from 0 to 20%
• Business owners whose companies have accumulated significant profits and have plans to distribute dividends in the future—It is necessary to recalculate the tax burden and evaluate the structure.
• Company founders who are planning a cross-border investment structure—Unsure whether to hold shares personally or through an overseas company
• Individuals Who Obtain Tax-Exempt Status Through a Change of Nationality—This path is no longer viable.

If you're unsure how the new policy will specifically affect you, or if you'd like to learn about the feasibility and costs of transferring ownership from an individual to a Hong Kong company, feel free to add us on WeChat and send us your basic information. Qicaiying will provide you with a preliminary assessment—free of charge.

 WeChat: qcygscszk  Phone: 18676749275

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statement denying or limiting responsibility

The content of this article is based on Announcement No. 27 of 2026 issued by the Ministry of Finance and the State Taxation Administration, and has been compiled to provide an interpretation of the policy and highlight compliance risks; it does not constitute any tax, legal, or financial advice. The specific application of the policy is subject to the determination of the competent tax authority. The tax burden calculations in this article are provided for illustrative purposes only. Actual tax burdens are subject to various factors and are subject to the determination of the competent tax authority. If readers encounter specific tax issues, they should consult a qualified tax professional or the competent tax authority. Qicaiying assumes no legal liability for any losses arising from reliance on the content of this article.