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4 June 2020

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China Provides Additional COVID-19 Relief for Small Taxpayers and the Film Industry

China's State Administration of Taxation (SAT) has published Announcement No. 10 of 19 May 2020, which provides a tax payment deferral for small and low-profit businesses and sole traders due to COVID-19. This includes that with effect from 1 May to 31 December 2020, such taxpayers may defer tax payments, provided that the required returns are filed. The tax so deferred must then be paid by the first filing/payment deadline in 2021.

Small and low-profit businesses are defined as those with annual taxable income not exceeding CNY 3 million, total employees not exceeding 300, and total assets not exceeding CNY 50 million.

The SAT has also published Announcement No. 25 of 13 May 2020, which provides relief measures for the film industry, including:

  • a VAT exemption effective from 1 January to 31 December 2020 for film screening services (movie theatres);
  • an extension of the loss-carry forward period from 5 years to 8 years for losses incurred in 2020 by film industry enterprises, including those engaged in film production, distribution, and screening, but excluding the distribution of films through networks, such as the internet, television, etc.; and
  • an exemption from cultural construction fees from 1 January to 31 December 2020.

Taxes already collected prior to the announcement may be deducted or refunded in the following months.

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