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China Lowers VAT on Domestically Developed Animation Software

Sina Tech, 1/02/14

China's Ministry of Finance (MoF) and State Administration of Taxation announced on December 31 that the 17% value added tax (VAT) levied on sales of domestically developed animation production software in China has been removed, effective retroactively from January 1, 2013 to December 31, 2017. Future sales of animation software will be taxed at a rate of 3%, and taxes paid in excess of the new 3% rate on purchases made following January 1, 2013 will be refunded. Exports of domestically developed animation software will be made VAT-free during the period.

Keywords: animation software tax Ministry of Finance State Administration of Taxation export government policy government support

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