MPAA Weighs In On China VAT Tax Issue: "The payment process has recommenced"
on August 14, 2013
The official press release:
WASHINGTON - The following is a statement from Motion Picture Association of America, Inc. (MPAA) Chairman and CEO Senator Chris Dodd on the resolution of the Chinese value-added tax payment issue:
"The MPAA understands that the China Film Group stopped payments owed to MPAA studios in China pending resolution of the application of a new value-added tax (VAT) due to be implemented nationwide as of August 1.
We are pleased to hear that the Chinese government has addressed the matter and all money due will be paid in full. It is our understanding that the payment process has recommenced.
The U.S. and Chinese film industries enjoy a close and productive relationship and the MPAA is grateful to our counterpart, the State Administration of Press, Publication, Radio, Film and Television (SAPPRFT) for their commitment in resolving this matter favorably. We look forward to further strengthening our ties with SAPPRFT as the Chinese screen community continues its path to becoming a global powerhouse in the international entertainment market."
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