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China Offers Tax Support to Film Businesses Hit By Coronavirus
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variety.comBy Patrick Frater Asia Bureau Chief The mainland Chinese government has unveiled two additional support measures for the film industry, which has suffered the impact of the coronavirus outbreak for nearly four months.
China’s tax authorities will waive value added tax payments for film screening service providers, official news agency Xinhua reported on Friday.
The exemption lasts for the whole of 2020, and taxes already paid may be reclaimed or set off against future payments. The same companies will also not be required to pay construction and certain other administrative fees this year.
Companies throughout the film business in China will be able to carry forward losses for eight years, instead of the usual five years.
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