3%. According to a notice jointly issued by the Ministry of Finance and the State Administration of Taxation on issues related to value-added tax on asset management products, starting from January 1, 2018, the value-added tax rate paid by managers of asset management products has been reduced from 6% in the previous period to 3%. That is, the asset management tax rate is only 3%. The asset management services provided by asset management product managers to investors are direct fee-based financial services.