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China to Implement VAT on Financial Services in 2016

|Approved Changes|China
China

According to recent reports, China's Ministry of Finance has indicated it plans to begin the process for implementing VAT reforms for the financial services industry. Once applied, financial services including banking and insurance services will be subject to VAT instead of Business Tax. Although not officially set, VAT is expected to apply for financial services from 1 January 2016. The VAT ra…

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