China launches tax evasion probe into film, TV industry
[SHANGHAI] China will launch a tax evasion investigation into the country's film and television industry, the tax bureau said in a statement posted on its official website on Sunday.
Some of the country's most famous actors have been accused of signing so called "yin-yang" contracts - one contract setting out agreed payment terms and a second one with a lower figure for the tax authorities to avoid payment of tax.
China's cinema market is worth US$8.6 billion.
The State Administration of Taxation (SAT) has asked local bureaus in the southern province of Jiangsu, among others, to carry out investigations.
"If violations of tax laws and rules are found, they will be dealt with in accordance with the law," said the SAT.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
South Korea readies new system to detect illegal short-selling
US births retreat after pandemic-era growth
Markets are embracing India’s Modi for what he won’t do
Blinken to meet businesses in Shanghai as he kicks off a tough China trip
Indonesia’s central bank surprises with ‘pre-emptive’ rate hike to cushion falling rupiah
South Korea’s economic growth beats forecast as exports rise