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New Circular clarifies China’s VAT treatment of reinsurance arrangements

New Circular clarifies China’s VAT treatment of rein...

China Tax Alert - Issue 17, June 2016

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China Tax Alert

On 21 June 2016 the Ministry of Finance (MOF) and State Administration of Taxation (SAT) jointly issued Circular Caishui [2016] 68 (Circular 68) which sets out the VAT treatment of reinsurance arrangements.

Circular 68 has been issued to provide much needed clarification on the Value Added Tax (VAT) treatment of reinsurance arrangements, and is the first in a series of guidance likely to issue over the coming months to clarify uncertainties in the recently released VAT rules. Circular 68 is effective from 1 May 2016, and should therefore be taken into account by reinsurers and insurers in preparing their first VAT returns (due on 27 June 2016).

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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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