Chinese film and television companies fell on Monday after tax authorities said they would investigate reports that people in the entertainment industry were signing contracts that masked the size of payments to avoid tax.
The State Administration of Taxation said on Sunday it was aware of reports of people in the television and film industry signing yin-yang contracts - two different agreements, with one stating the full payment terms and a second giving a lower sum to be submitted for tax purposes.
The SAT said it had instructed tax authorities in Jiangsu and other areas to carry out investigations.
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