Month: May 2016

Partnership Between R3CEV and Ping An

A major Chinese financial firm has just created a new partnership with startup R3CEV. Ping An Insurance Group is joining the group. As David Rutter, the CEO and founder of R3 said,

“The addition of Ping An is another important milestone for R3 as we develop our member network to represent the interests of banks and financial institutions operating in markets around the globe.”

One of the most notable things about this partnership is that Ping An operates within China. R3 already has members from Asia, Europe and North America but this addition is ground-breaking.

Learn more about the partnership and the influence it will have.

China’s New VAT System

China has just started a value-added tax (VAT) system across all industries that used to have a business tax. This is the most ambitious overhaul of their tax regime that they’ve had in three decades. They have created tough reforms in their transition to being a services-oriented economy, rather than one powered by manufacturing.

The government first started to think about VAT in 1979 and they started using the tax in 2012. The final four sectors that they have added the VAT to include construction, property, finance and life services.

Consumers will feel the VAT in different ways depending on what they are buying, according to China’s Vice Minister Shi Yaobin. The revenue from the VAT will be shared between China’s central and local governments and each will receive 50%.