New Circular clarifies China’s VAT treatment of reinsurance arrangements
New Circular clarifies China’s VAT treatment of rein...
China Tax Alert - Issue 17, June 2016
On 21 June 2016 the Ministry of Finance (MOF) and State Administration of Taxation (SAT) jointly issued Circular Caishui [2016] 68 (Circular 68) which sets out the VAT treatment of reinsurance arrangements.
Circular 68 has been issued to provide much needed clarification on the Value Added Tax (VAT) treatment of reinsurance arrangements, and is the first in a series of guidance likely to issue over the coming months to clarify uncertainties in the recently released VAT rules. Circular 68 is effective from 1 May 2016, and should therefore be taken into account by reinsurers and insurers in preparing their first VAT returns (due on 27 June 2016).
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