Home > Value-added Tax > Text

Value-added TaxIn case of divergence of interpretation, the Chinese text shall prevail.

Circular on VAT Issues concerning Property Management Products

Document No.:Cai Shui [2017] No. 56

Taxes:Value-added Tax,Comprehensive Taxation,Administration of Tax Levy & Collection

Date of Promulgation:

IssueDepartment:Ministry of Finance,State Administration of Taxation

Date of Implementatio:2017-06-30


Finance Departments (Bureaus), State Taxation Bureaus and Local Taxation Bureaus of all provinces, autonomous regions, municipalities directly under the Central Government and cities specifically designated in the state budgetary plan and Finance Bureau of Xinjiang Production and Construction Corps,

The VAT issues of property management products are hereby notified as follows:

Article 1 The taxable VAT activities (hereinafter referred to as the operation business of information products)of information products managers (hereinafter referred to as managers) conducted in the process of operating information products shall provisionally apply to the simplified calculation method and the VAT shall be collected according to the rate of 3%.

Managers of property management products include banks, trust companies, public funds management companies and their subsidiaries, securities companies and their subsidiaries, futures companies and their subsidiaries, private funds managers, insurance assets management companies, professional insurance assets management institutions and pension insurance companies.

Property products include bank financial products, fund trust (inclusive of collective fund trust and single fund trust), property trust, publicly-offered securities investment funds, debt investment plans, equity investment plans, equity and debt investment funds, asset-backed plans, portfolio insurance assets management products,andpension security management products.

Othermanagers of property management products and property management products asshall beprescribed by the Ministry of Finance and the State Administration of Taxation. 

Article 2 Managers shall pay VAT according to existing regulations for their management services over entrusted assets after they accept commissions or trust from investors and for their VAT activities other than those as prescribed by Article 1 of the circular (hereinafter referred to as other businesses).

Article 3 Managers shall separately calculate the sales amounts and the VAT payable of the operation business and other businesses of information products. If they fail to make separate calculations, the operation business of information products shall not apply to Article 1 of the circular.

Article 4 Managers can choose to separately or on a consolidated basis calculate the sales amounts and the VAT payable of information products’ operation business.

Article 5 Managers shall file VAT returns for information products’ operation business and other businesses on a consolidated basis according to the prescribed tax payment deadlines.

Article 6 The circular shall be implemented from January 1st, 2018.

For VAT activities conducted in the operation process of information products before January 1st, 2018, if the VAT has not been paid, the unpaid VAT shall not be paid any longer; If the VAT has been paid, the paid VAT shall credit againstthe property products managers’ VAT payable in subsequent months.


The Ministry of Finance and the State Administration of Taxation

June 30th, 2017

Customer service

88393678(Information Support)

songf@eshui.net(Information Support)

Public messages


All the information on this website is reprinted from government websites, newspapers, Gazettes, domestic and foreign medias and other publications.

Please check the official publications, originals of outgoing documents and sources of reprint for purposes of authenticity, accuracy and legitimacy of the information published on this website.

The information on, the materials provided and the performance of this website is provided on an "as is" and "as available" basis. We make no warranty of any kind in relation to or connection with the availability, accuracy or reliability of this website or any of its materials and information, including but not limited to any warranties, representations, and guarantees as to, title, risk, non-infringement, accuracy, reliability, merchantability, use, correctness, fitness for a particular purpose or otherwise, or that use of this website will be uninterrupted or error-free. If you become aware of any inaccuracies or errors in any materials or information on our website, we would be appreciate it if you would inform us of such inaccuracies or errors immediately by emailing us at songf@eshui.net.

We shall not under any circumstances be liable for any direct, indirect, incidental, special or consequential damages, losses, liabilities or any business interruption in relation to the use of or inability to use any information contained on this website (whether foreseeable or not and even if we have been informed of such likelihood).

This website may contain links to third-party websites which are not maintained by us. We are not responsible for the content of those websites. The inclusion of any link to such websites does not imply approval or an endorsement by us of the linked websites or the contents thereof and we make no representations or warranties concerning the linked sites nor shall it be liable for the same.

Copyright: Ministry of Commerce, the People's Republic of China

Supported by:China International Electronic Commerce Center

Tel: (86 10) 68651200(Customer Service)

Fax: (86 10) 65677512

Information Support: Beijing Zerui Certified Public Accountants Co.,Ltd.

Approved by:Department of Electronic Commerce and Informatization, Ministry of Commerce, PRC

Jing ICP Bei No. 05004093


Tel: 61943289 - 8001