VAT refunds kept for animation industry
Updated: 2012-01-01 03:28
(Xinhua)
|
|||||||||||
BEIJING -- The Chinese government announced Saturday that the nation will continue offering value-added tax (VAT) refunds to the animation industry next year in its efforts to boost cultural development.
For companies that develop and make their own animation software products, a 17-percent VAT will be levied, but the portion of VAT which exceeds 3 percent of the taxpayers' actual VAT burden will be refunded upon tax collection, the Ministry of Finance said in a statement on its website.
Meanwhile, business tax for animation companies and their income from the sales of their copyrights will remain at 3 percent.
The statement said the policies had been in effect since the beginning of this year, and will remain in effect for 2012.
Thanks to the country's supportive policies, China produced 385 animated films last year, a 28-percent year-on-year increase. The industry also earned more than 500 million yuan ($79.35 million) from exports in 2010, marking a rise of 60 percent year-on-year, according to the State Administration of Radio, Film and Television.
China's central authorities in October released the full text of a guideline adopted by a plenary session of the Communist Party of China (CPC) Central Committee, urging more importance be given to cultural development.
The 17th Central Committee of the CPC held its Sixth Plenary Session in Beijing from Oct 15 to 18, and the plenum discussed issues regarding the reform of the country's cultural system.
Related Stories
Northeast VAT reform experiment 'on the way' 2004-07-22 09:00
China raises VAT, business tax thresholds 2011-10-31 22:50
China raises VAT, business tax thresholds 2011-11-01 10:08
VAT reform to shed corporate tax burden by $17.6b 2008-11-09 22:00
Today's Top News
President Xi confident in recovery from quake
H7N9 update: 104 cases, 21 deaths
Telecom workers restore links
Coal mine blast kills 18 in Jilin
Intl scholarship puts China on the map
More bird flu patients discharged
Gold loses sheen, but still a safe bet
US 'turns blind eye to human rights'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
All-out efforts to save lives |
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |
Latest technology gets people talking |