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China Asset Managers to Face a New 3 per cent Value Added Tax
China’s asset managers will face a 3% value added tax (VAT) for returns on assets under management from 1st January 2018 according to a joint notice from the Ministry of Finance and State Administration of Taxation on Friday.
“China is amongst the first countries in the world to have a VAT applied broadly to the finance industry.”
China is amongst the first countries in the world to have a VAT applied broadly to the finance industry, including the transfer, issuance and redemption of financial products.
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