Business tax on disposal of financial products clarified

The State Administration of Taxation (SAT) issued an announcement on 6 November 2013 (SAT Gong Gao [2013] No. 63) regarding business tax on disposal of financial products. The announcement applies as from 1 December 2013 and replaces article 14 of chapter 4 of the notice Guo Shui Fa [2002] No. 9 on the same subject.
According to the announcement, financial products disposed will no longer be categorized as shares, bonds, foreign currency and other for the purposes of business tax after 1 Novembe…