Income Tax Rate For Chinese Celebrities Increased to 42%
In light of the recent tax evasion scandals in the entertainment industry, Chinese authorities have set new income tax rate for celebrities effective on August 1, according to sources familiar with the matter. The new tax rate is 42%, significantly higher than the previous rates, which range from 6.7% to 10% depending on where a celebrity’s company is located. In addition, local governments have been required to eliminate celebrity-friendly tax policies. An unnamed studio executive complained that over 70 film & TV projects across the country had been cancelled because of the new tax law. Several film companies even went bankrupt recently after paying overdue taxes. Read more on entgroup.cn
Fan Bingbing Disappears from Newly Released Poster of ‘Unbreakable Spirit’
The release date of Chinese war film Unbreakable Spirit, which stars Bruce Willis, Liu Ye and Fan Bingbing, has been changed from August 17 to October 26. According to a post on the film’s official Weibo account, many international distributors reached out to express interest in releasing the film in other territories. In order for the film to be released in multiple countries simultaneously, its China release date has been postponed. Previously, Unbreakable Spirit was involved in various negative news, including its producer’s money laundering scandal and its actors’ tax evasion scandal. A new poster with the new release date has also been released. In the new poster and other newly released marketing materials of the film, Fan Bingbing’s name has disappeared. Read more on Sina
Sony Pictures Brought Classic IPs to This Year’s ChinaJoy
The 16th edition of ChinaJoy just took place from August 3-6 at the Shanghai New International Expo Center. As the largest and most influential expo for games, animations and digital entertainment in China, ChinaJoy attracts many big brands, such as Sony Pictures, to participate. This year, Sony Pictures not only brought its gaming products based on hit movies Spider-Man and Monkey King: Hero is Back, but also presented merchandise inspired by classic IPs such as Peter Rabbit, Men In Black, and Hotel Transylvania. Produced with a budget of $50 million, Peter Rabbit raked in $350 million worldwide, including $24.6 million in China. Currently, the studio has green-lighted a sequel to Peter Rabbit. In addition, Sony Pictures’ animated film Hotel Transylvania 3: Summer Vacation will be released in China on August 17 and a live action film based on Men In Black is currently in production. Read more on Mtime