Dec. 12 – In a recent statement, China’s State Administration of Taxation (SAT) has vowed to offer more tax incentives to the country’s cultural industries, especially those emerging cultural industries essential to China’s advancement in technological innovation.
Favorable policies will mainly go to high-tech as well as emerging cultural industries, and nonprofit cultural organizations.
The SAT says it is working on a more reasonable taxation system for the country’s high-tech industries, in a move to realize further technological progress, boost innovation, and push forward technology transfer.
So far, China has granted a series of tax incentives to high-tech industries. These incentives include:
Emerging cultural industries
The SAT will offer more preferential tax policies to emerging cultural industries that belong to the seven strategic industrial sectors China has identified earlier. The seven strategic sectors include high-end equipment manufacturing, alternative energy, biotechnology, new generation information technology, alternative fuel cars and energy-saving and environmentally friendly technologies.
A few specific emerging cultural industries have already received some tax incentives:
Non-profit cultural organizations
The SAT will also aim at reducing the tax burdens of non-profit cultural organizations, so that those organizations can bring more benefits to the whole society’s cultural development.
China currently has a range of favorable tax policies for non-profit organizations (NPOs), for example:
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