China to continue existing VAT policy to support animation industry

BEIJING (Reuters) – China’s finance ministry said on Wednesday that it will maintain the existing value-added tax (VAT) policy stance for the animation industry in order to promote its continued development.

The ministry, in a statement, said it will set a value-added tax rate of 16 percent for firms selling self-developed animation software from May 1, 2018 to Dec. 31, 2020, compared with 17 percent set from Jan. 1 to April 30 this year.

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