Prior to July 2026, investors were subject to personal income tax on income from the sale of fund certificates (similar to a 0.1% tax on the transaction price or a tax rate calculated on profits). This tax was usually deducted and paid by the fund management company. With the new Personal Income Tax Law effective from July 2026, investors are exempt from personal income tax on the transfer of mutual fund certificates held for two years or more from the date of purchase.