China: VAT rates, rules for financial services | KPMG | GLOBAL

China: VAT rates, rules for financial services, insurance sector

China: VAT rates, rules for financial services

China’s Ministry of Finance and State Administration of Taxation on 24 March 2016 jointly issued guidance that sets forth the value added tax (VAT) rates and rules for the financial services and insurance sector as this industry sector transitions from the business tax regime to the VAT system, effective 1 May 2016.


Related content

Read a March 2016 report prepared by the KPMG member firm in China: China's new VAT rates & rules – Financial Services impacts

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us


Request for proposal