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On 30 June 2016 the Ministry of Finance (MOF) and State Administration of Taxation (SAT) jointly issued Circular Caishui  70 (Circular 70) which expands upon the categories of Value Added Tax (VAT) exemption affecting the financial services sector. The release of Circular 70 will no doubt be warmly welcomed by the financial services sector, though in this China Alert we highlight certain areas where further clarification or uncertainty may still exist.