Lifestyle

COVID-19: China waives VAT fees on film industry

China’s Ministry of Finance has temporarily waived Value-Added Tax (VAT) on film related businesses to limit the impact of coronavirus pandemic.

According to a statement issued by the Ministry and the State Administration of Taxation, the waiver would be valid from January 1 to August 31, 2020.

The authorities would also waive collection of national development fund for the film industry in 2020 in province of Hubei, the hardest-hit region by the COVID-19 epidemic in China.

The authorities have also suspended the collection of construction fees for cultural undertakings for the same period.

For businesses in the film industry, the arrangement allows them to carry forward this year’s loss for up to eight years instead of five years.

Source: Voice of Nigeria