Newly Established Cultural Enterprises in Beijing Exempted of Enterprise Income Tax for Three Years
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| 6/21/2005 1:1:0 Beijing Business Daily |
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According to the provision of the ˇ°Circular Concerning Several Tax Policy Issues on Supporting the Development of Cultural Industry in the Trials of Cultural Institutional Reformsˇ± jointly distributed by the Ministry of Finance, the General Administration of Customs and the State Taxation Administration, newly established cultural enterprises encouraged by the government will be exempted of enterprise income tax for years from the day of industrial and commercial registration. The term of execution of the notice starts from January 1, 2004 to December 31, 2008.
Newly established cultural enterprises refer to cultural enterprises established from scratch and registered after January 1, 2004. Cultural enterprises formed through separation, restructuring, shift of operation, consolidation and change of name from original cultural enterprises should not be deemed as newly established cultural enterprises.
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