FilMart: Hong Kong Industry Executives Plead for Clarity on Mainland Chinese Tax Policies

At a time of heightened scrutiny of tax affairs in China’s entertainment sector, even industry veterans in Hong Kong are struggling to figure out how to operate in the new financial environment and pleading for more clarity from the Chinese government.

Hong Kong produces about 60 films a year, three-quarters of which are typically co-productions with the mainland. The Chinese film industry’s overhaul of its tax policies last year in the wake of a fraud scandal involving superstar Fan Bingbing has sown confusion in both the mainland and Hong Kong, which operates as a special administrative region with its own financial regulations.

During a discussion of mainland taxation issues Tuesday at FilMart, some panelists said that inconsistent enforcement of new policies in China and a general lack of knowledge was severely hampering cross-border business relations.

“The central government [in Beijing] has its policies, but the people implementing them below are all unclear on what to do.
See full article at Variety - Film News »

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