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China's new VAT rates & rules – Financial Services impacts

China's VAT rates & rules – Financial Services impacts

China Tax Alert - Issue 10, March 2016

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China Tax Alert

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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© 2022 KPMG Huazhen LLP, a People's Republic of China partnership, KPMG Advisory (China) Limited, a limited liability company in Mainland China, KPMG, a Macau (SAR) partnership, and KPMG, a Hong Kong (SAR) partnership, are member firms of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.

For more detail about the structure of the KPMG global organisation please visit https://home.kpmg/governance.

京ICP备12028186号-1
京公网安备11010102003233号

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