Insurance in­dus­try’s VAT re­form to see break­through

China Daily (Canada) - - BUSINESS -

China is likely to see a break­through in its value-added tax, or VAT, re­form in the insurance in­dus­try within the year, an Eco­nomic In­for­ma­tion Daily re­port said on Thurs­day, cit­ing uniden­ti­fied sources. Ac­cord­ing to the re­port, the insurance in­dus­try has con­ducted a sur­vey re­port on the re­form that will re­place turnover tax with VAT, and that re­port has been sub­mit­ted to fis­cal au­thor­i­ties. Fur­ther de­tails on the VAT re­form in the insurance in­dus­try are ex­pected to be re­leased in 2014, the re­port quoted uniden­ti­fied in­dus­try in­sid­ers as say­ing.

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