VAT on operation of financial products with effect from 1 July 2017
On 6 January 2017, the Ministry of Finance and State Administration of Taxation announced VAT policies for asset management products. The announcement stated that managers of financial products would be deemed liable to VAT if the tax is payable for operation of the product with effect from 1 July 2017.
For any VAT incurred on the operation of financial products on or after 1 July 2017, the manager of the financial product should apply for filing of VAT returns according to prevailing tax regulations.
However, the taxpayer shall be exempt from paying any VAT incurred on the operation of financial products before 1 July 2017. If payments were already made for such VAT incurred before this date, they may be used to offset such VAT payable on or after this date.
The State Administration of Taxation is expected to announce further details on the collection of VAT on the operation of financial products.
CONTACT US
Website: www.SBASF.com
Email: Info@SBASF.com
Tan Lee Lee (Ms), Director
T +86 21 6186 7602
tanleelee@SBASF.com
Yeo Lee Soon, Director
T +86 10 8591 1900
yeoleesoon@SBASF.com
Rita Boyle (Ms), Director
T +86 21 6186 7692
ritaboyle@SBASF.com
