(ECNS) - China will offer preferential tax policies to partners and sponsors of the Beijing 2022 Olympic and Paralympic Winter Games.
Designed by the Ministry of Finance, State Taxation Administration and General Administration of Customs, the policy will waive VAT and consumption taxes on goods and services that meet certain requirements.
Marketing for Beijing 2022 Winter Games includes sponsorships, licensing and ticketing. Sponsorships are divided into four categories -- official partners, sponsors, exclusive suppliers and official suppliers. Licensing includes products, commemorative coins as well as banknotes and stamps.
Sponsors, suppliers and licensees are exempt from paying VAT and consumption tax on goods and services designated by the Beijing 2022 organizing committee, according to the new move.
Entities and agencies of the International Olympic Committee in China are also eligible for preferential tax treatment. Individuals related to the IOC such as coaches, trainers and representatives will be exempt from tax on income earned from June 1 this year to Dec. 31, 2022 when commissioned by the organizing committee.