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China Announces Film Sector Tax Breaks

by Mary Swire, Tax-News.com, Hong Kong

30 June 2014


The Chinese Ministry of Finance has announced a package of supportive tax measures for domestic film-makers and distributors.

Under the plans, income from the dissemination of Chinese films to rural areas would be exempt, including income from the transfer of intellectual property rights and fees for distribution.

Similar tax breaks for film distribution are proposed for town and cities in China, and in particular in the west of the nation, where the market is already mature.

The Ministry said that the measures would enhance the overall strength and competitiveness of Chinese film studios.

Under a WTO agreement concluded in 2012, China agreed to open up its audiovisual market to US film makers. The agreement provided that China would screen more US films in domestic cinemas and increase the proportion of box office revenues shared with US film studios for their productions. A Memorandum of Understanding accompanying the agreement assured US film studios that they would see their net share of box office revenues increase to 25 percent.

With wages rising quickly and an expanding middle class, China is expected to overtake the US as world's largest market for audiovisual productions within four to five years.

TAGS: Finance | tax | film finance | property tax | intellectual property | copyright | China | fees | tax breaks

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