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	CIRCULAR OF THE MINISTRY OF FINANCE, THE GENERAL ADMINISTRATION OF TAXATION, GENERAL ADMINISTRATION OF CUSTOMS ON THE TAX POLICIES FOR THE 29TH OLYMPIC GAMES

	(Docket No. 10 (2003) promulgated on and implemented as of January 22, 2003)


SUBJECT : TAX COLLECTION; 29TH OLYMPIC GAMES
ISSUING DEPARTMENT : MINISTRY OF FINANCE, GENERAL ADMINISTRATION OF CUSTOMS OF THE PEOPLE'S REPUBLIC OF CHINA, STATE ADMINISTRATION OF TAXATION
ISSUE DATE : 01/22/2003
IMPLEMENT DATE : 01/22/2003
LENGTH : 1,098 words
TEXT :

In order to support the development of Olympic sports and ensure a successful host of the 29th Olympic Games, and upon the approval of the State Council, several issues concerning the preferential tax policies applicable to the Organization Committee of 29th Olympic Games, the International Olympic Games Committee, the China Olympic Games Committee, and the attendees to the Olympic Games are notified as follows:

I. The Organization Committee of the 29th Olympic Games (hereinafter referred to the Organization Committee) shall be entitled to enjoy the following favorable tax policies:

(1) The Organization Committee's income shared from the sale of TV broadcasting rights and the income shared from the program of global sponsorship of the International Olympic Committee (physical objects and fund) shall be exempted from business taxes.

(2) The Organization Committee's income from domestic and overseas donations, royalties arising from the transfer of intangible assets (such as marks) and the income arising from admissions under the market development plan of the Organization Committee shall be exempted from business taxes.

(3) The Organization Committee's income arising from distributing souvenir stamps in cooperation with the State Post Administration and the income from distributing souvenir coins in cooperation with the People's Bank of China of the PRC shall be exempted from business taxes.

(4) The Organization Committee's income generated from broadcasting, internet, TV and other medium shall be exempted from business taxes.

(5) The materials gratuitously donated by foreign governments and international institutions and imported for the 29tth Olympic Games shall be exempted from custom duties and import link value-added taxes.

Import materials supported or donated by overseas enterprises for the 29th Olympic Games shall be subject to custom duties and import link value-added taxes in accordance with relevant rules and regulations.

(6) The inseparable equipment fixed with the gymnasiums among the essential equipment for the construction of gymnasiums for the 29th Olympic Games and consumable goods for the Olympic Games (such as balls for matches) imported through general trade method shall be exempted from custom duties and import link value-added taxes.

The list on the range and quantities of the said equipment and consumable goods shall be submitted via the Organization Committee to the relevant departments of the Ministry of Finance for approval.

(7) Other essential materials imported by the Organization Committee, including sports equipments, medical examination equipments, safety equipments, communications and telecom facilities, and technical equipment specified by the International Olympic Committee or by a monomial international sport organization, which cannot be produced inside China or the performance of domestic products cannot meet the requirements, shall be treated as the import goods upon temporary approval in the duration of the Olympic Games. After the Games ends, the materials reserved for use or sold off shall go through formal import procedures according to relevant rules and regulations and be levied import taxes according to relevant rules and regulations, among which, imported automobiles shall be levied a tax on the basis of 90% of the price for the new ones.

The list on the range and quantities of the above-mentioned commodities shall be submitted via the Organization Committee to relevant departments of the Ministry of Finance for approval.

(8) The Organization Committee's income generated from the resale of donated commodities and the income arising from the transfer of assets after the Games shall be exempted from value-added taxes, consumption taxes, business taxes and land value added taxes.

(9) The account books used by the Organization Committee in operation, various contracts and other chargeable vouchers signed by it shall be exempted from stamp taxes, which should be paid by the Organization Committee.

(10) The Organization Committee shall be exempt from vehicle and vessel usage tax and vehicle purchase tax on new vehicles.

(11) The Organization Committee shall be exempt from business income tax.

(12) Cosmetics, skin-protection and hair-protection products processed or manufactured under the entrustment of the Organization Committee shall be exempt consumption taxes.

The concrete regulatory measures shall be separately formulated by the State Administration of Taxation.

(13) The non-for-sale articles relevant to the 29th Olympic Games, including documents, books, audiotapes, videotapes and CDs imported by mail from abroad, including the International Olympic Committee, other international monomial sports organizations and other organizations, if in reasonable quantities, shall be exempted from customs duties and import link value-added taxes. The concrete standards for the reasonable quantities shall be subject to the determination of the General Administration of Customs.

The non-for-sale programs and designs in models, blueprints, plates, VCDs, designing specifications, and microprints, which are essential to the construction of gymnasiums for the Olympic Games shall be exempted from customs duties and import link value-added taxes.

II. The International Olympic Committee and participants of the Olympic Games shall be entitled to enjoy the following preferential policies:

(1) The International Olympic Committee's income whose source is from within the borders of China and relevant to the 29th Olympic Games shall be exempt from pertinent taxes.

(2) The subsidiary income of the Olympic Committee of China paid by the Organization Committee by installment in accordance with the Cooperative Agreement on Market Development and the dividends paid by the Organization Committee to the Olympic Committee of China in accordance with the Contract on Host City shall be exempted from pertinent taxes.

(3) The awards obtained by the athletes in the competitions of the Olympic Games and their income from other prizes shall be exempt from individual income taxes in compliance with relevant provisions of taxation in force.

(4) The capital and physical expenditure, which are donated by enterprises, social institutions and communities to the 29th Olympic Games, shall be totally deducted from the taxable incomes in the calculation of enterprise income taxes.

(5) The International Olympic Games and China Olympic Committee shall be exempt from stamp taxes on all kinds of contracts relevant to the 29th Olympic Games established by the International Olympic Games and China Olympic Committee.

(6) When property owners donate property (physical objects) to the Organization Committee, the written documents for the assignment of property ownership shall be exempt from stamp taxes.

III. This circular shall be implemented as of the day when it is promulgated. Considering that the preferential tax policies for the 29th Olympic Games may involve a wide range and it will be implemented for a long time, thus all local departments of finance, taxation and custom shall pay close attention to the implementation of the above-mentioned preferential tax policies and shall report relevant issues that occur in the process of its implementation to the Ministry of Finance, the General Administration of Taxation and the General Administration of Customs in time.