VAT reform set to expand
Print Edition
CHINA may include banks and insurers in a value-added tax reform next year, a tax expert said yesterday.
Banks may have to pay 11 percent VAT next year, said Kenneth Leung, indirect tax partner of Ernst & Young. They now pay a 5 percent turnover tax.
“It may take a year for both authorities and financial institutions to fully prepare for the changes,” Leung said at a media briefing.
Insurance companies may also have to pay VAT next year, according to Leung who didn’t reveal more details.
He made the comment after Finance Minister Lou Jiwei said last week that the government may include real estate and financial services in the VAT reform.
The reform to replace the business tax with VAT for some service sectors first started in Shanghai in 2012.
VAT allows companies to deduct part of their purchases of goods and services from the amount of tax they should pay.
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