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:
Dezan Shira & Associates is a boutique professional services firm providing foreign direct investment business advisory, tax, accounting, payroll and due diligence services for multinational clients in China. The firm specializes in assisting foreign enterprises with their tax obligations. For further advice and specifics relating to these recent measures, please email firstname.lastname@example.org, visit www.dezshira.com, or download the firm’s brochure here.
The China Tax Guide (Fifth Edition)
This popular book, fully updated with all recent tax changes and amendments, details all taxes in China affecting businesses and individuals, how to calculate the amounts due, tax registration and filing procedures, tax minimization techniques, and claiming VAT rebates. It also details good financial management techniques, handling negotiations with the tax bureau and annual audit and compliance procedures.
China’s SAT Details VAT Reform Issues in Shanghai
Beijing to Inject RMB1.5 Bln into Zhongguancun’s Modern Service Industries
Establishing NGOs in China
Previous Article « Calculating Individual Income Tax on Annual Bonus in China
Next Article China 2012: Strong Growth Forecast, No Inherent Problems »
Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. With its team of lawyers, tax experts, auditors and...
A firm understanding of China’s laws and regulations related to human resources and payroll management is absolutely necessary for foreign businesses in...
Doing Business in China 2022 is designed to introduce the fundamentals of investing in China. Compiled by the professionals at Dezan Shira & Associates in...
With the scope and penalties of China’s social credit system being further clarified in 2021, legal and regulatory compliance has become more important than...
As a legitimate tool for reasonable tax planning and cost saving, tax incentives play an important role. Companies also use tax incentives as a useful...
Over the last few months, China has been quickly expanding the pilot program on electronic special value-added tax (VAT) fapiao (hereafter special VAT...
Dezan Shira & Associates helps
businesses establish, maintain,
and grow their operations.
From: Grateful me for “A Decade of Writing”
To: Baron C D-E of Colgach,
Since I arrived in 2003 for a collich teacher gig in Wuxi, your own and generously sponsored writings have learned me and my stoodints up real good.
Truth is, I have learned much from China Briefing and its later regional incarnations myself and my brightest students also tell me they have, too. Students have to read outside my [fooking awful] textbooks and the bright few that paid attention have thanked me for sending them to your sites. Many of them have rich parents and, maybe/hopefully, your firm might get paid back in business by my saying DZS is a trusted source for intelligence. And fun – English needn’t be anguish, eh.
Again, thanks from Canadian me, eh, and on their behalf,
Comments are closed.
Stay Ahead of the curve in Emerging Asia. Our subscription service offers regular regulatory updates,
including the most recent legal, tax and accounting changes that affect your business.