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China launches tax evasion probe into film, TV industry

SHANGHAI: China will launch a tax evasion investigation into the countrys film and television industry the tax bureau said in a statement posted on its official website on Sunday
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Shanghai, June 4

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.

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China’s cinema market is worth $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.

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“If violations of tax laws and rules are found, they will be dealt with in accordance with the law,” said the SAT. Reuters

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