Do you know that?/You know what? Bank wealth management products and fund trusts belong to asset management products. On June 30th this year, the Ministry of Finance and State Taxation Administration of The People's Republic of China issued the Notice on Issues Related to Value-added Tax on Asset Management Products (Cai Shui [2017] No.56), which clarified the collection methods of asset management products and other contents, and it was implemented as of 20 18 1. The following Mande Enterprise Service will sort out the specific content of this new regulation for you.

First of all, let's clarify two concepts.

1. Asset Management Product Manager:

Including banks, trust companies, Public Offering of Fund management companies and their subsidiaries, securities companies and their subsidiaries, futures companies and their subsidiaries, private fund managers, insurance asset management companies, professional insurance asset management institutions, pension insurance companies and other asset management product managers as stipulated by the Ministry of Finance and State Taxation Administration of The People's Republic of China.

2. Asset management products:

Including bank wealth management products, fund trusts (including pooled fund trusts and single fund trusts), property rights trusts, publicly offered securities investment funds, asset management plans for specific customers, pooled asset management plans, targeted asset management plans, private equity investment funds, debt investment plans, equity investment plans, joint investment plans for stocks and bonds, asset support plans, portfolio insurance asset management products, old-age security management products and other asset management products stipulated by the Ministry of Finance and State Taxation Administration of The People's Republic of China.

Second, then, what provisions does this article make on the collection of value-added tax on asset management products?

1. The taxable behavior of value-added tax (hereinafter referred to as asset management product business) occurred by the asset management product manager (hereinafter referred to as the manager) in the process of operating asset management products is temporarily subject to the simple tax calculation method, and the value-added tax is paid at the rate of 3%.

This will reduce the tax burden of taxpayers compared with the general 6% tax method.

2. The manager accepts the management services provided by investors or trusts to the entrusted assets and other VAT taxable activities (hereinafter referred to as other businesses) occurring in the manager, and pays VAT according to the current regulations.

For example, the management fees, sales fees, custody fees and other fees charged by the general taxpayer manager should be calculated at the tax rate of 6%.

3. The manager shall separately calculate the sales amount and payable value-added tax of asset management product operation business and other businesses. If it is not accounted for separately, the provisions of Article 1 of this Notice shall not apply to the operation of asset management products.

4. The manager can choose to separately or jointly calculate the sales volume and payable value-added tax of asset management products.

5. For the taxable activities of value-added tax that occurred during the operation of asset management products before 20 18 1, if the value-added tax has not been paid, it will not be paid; If the value-added tax has been paid, the paid amount shall be deducted from the value-added tax payable by the asset management product manager in the next month.

6. The manager shall declare and pay the value-added tax for operating asset management products and other businesses in accordance with the prescribed tax payment period.

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