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Cultural firms get special exemption

THE Chinese government has introduced a five-year preferential tax policy to cultural companies to boost the country's cultural industry.

Cultural companies can enjoy exemption of value-added tax, business tax or import duties from 2009 to 2013, the Ministry of Finance said in a circular on its Website over the weekend. Cultural enterprises are those engaged in press, publication, broadcasting, film, television, cultural and artistic businesses, it said.

Film companies are exempt from the VAT and business tax for revenues made from copy sales, copyrights transfer, distribution and film production in rural areas, according to the circular.

Broadcasting and television enterprises can be exempted from the business tax for basic maintenance fees for cable digital television upon government approval by the end of 2010, it said.

Cultural products, such as books, newspapers, periodicals, audio-visual products, electronic publications, films and TV series, can enjoy the VAT rebate on exports, it said.

Cultural enterprises are free from business tax for revenues made from overseas performances, it said.

High-tech companies supporting the cultural industry can enjoy a preferential income tax of 15 percent, it said. Companies in China are now subject to a statutory income tax rate of 25 percent.

Publication and distribution enterprises can deduct their stocks from the taxable amount as lost assets, according to the circular.


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