China's new VAT rates & rules – Financial Services impacts
China's VAT rates & rules – Financial Services impacts
China Tax Alert - Issue 10, March 2016
On 24 March 2016 China’s Ministry of Finance (MOF) and State Administration of Taxation (SAT) jointly issued Circular Caishui [2016] 36 which contains the Value Added Tax (VAT) rates and rules applicable to all of the industries which are transitioning from Business Tax (BT) to VAT, with effect from 1 May 2016.
In KPMG China Tax Alert Issue 9 we examine the general impact of the new rules across all industries. However, in this KPMG China Alert, we examine the impact specifically for the financial services and insurance sector.
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