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[SHANGHAI] China's finance ministry clarified the tax treatment of investors in the new mutual recognition fund programme in an online statement on its website on Friday.
Hong Kong investors in mainland based funds will be temporarily exempt from taxes on gains from buying or selling fund units under the scheme which was launched on Friday.
Mainland retail, but not corporate, investors in Hong Kong based funds will be subject to a 20 per cent tax on dividends, but will be exempt from taxes on gains from the sale of fund units for three years.