China not yet paid this year's box-office share to Hollywood

London, August 1 (ANI): China has reportedly not paid Hollywood its share of the profits from some of this year's big box office films.

The BBC reports that the China Film Group has stopped paying a share of takings to Hollywood in wake of a dispute over a new 2 percent tax on foreign films.

China's box office revenues have increased since the World Trade Organisation (WTO) deal between US Vice-President Joe Biden and China's then Vice-President Xi Jinping, in which China had agreed to increase the number of films allowed to be screened in the country to 34, the report added.

This agreement had put the share of profits enjoyed by foreign studios at 25 percent. (ANI)