According to State Taxation Administration of The People's Republic of China's Notice on Defining the Value-added Tax Policies of Finance, Real Estate Development, Education and Auxiliary Services, the taxable behavior of value-added tax in the operation of asset management products is the value-added tax payer.

The value-added tax generated in the process of fund operation will be paid by the fund manager, who will pass this part of the cost on to the fund investors, and finally be borne by the fund share holders.