Chinese authorities on Tuesday introduced tax exemptions for entities, enterprises and individuals that support preparations and test events for the Beijing 2022 Winter Olympics and Paralympics.
Starting Tuesday, the exemptions awarded by the Ministry of Finance, the State Taxation Administration and the General Administration of Customs will benefit participants including sponsors, broadcasters and coaches.
Business income tax, individual income tax, value-added tax, consumption tax and stamp tax are among the categories to be lifted for qualified taxpayers.
China adopted similar preferential tax policies for the 2008 Beijing Olympics that struck off a variety of taxes including the “victory tax” on athletes.
Wednesday will mark 800 days to go until the Beijing 2022 games, which are slated to kick off on Feb. 4, 2022.
The first test event for the Beijing Olympic and Paralympic Winter Games is set to be held in February 2020.