June 14 (LBO) – The Treasury has drawn up a list of tax rates and concessions on imported Hollywood and Bollywood blockbusters, likely to be finalised this week.
The controversial tax, announced in the government™s budget this year, could possibly be set at 75,000 rupees (750 dollars) for every half hour program, sitcom or serial.
We are trying to finalise it this week and are sending our recommendations for the President™s signature, after which it will have to be published in a gazette notice, R T L Weerasinghe, Senior Tax Advisor to the Treasury, told LBO on Wednesday.
No further details were available on the extent of the tax or concessions allowed. We are targeting an implementation date of August, Weerasinghe said.
The Teledrama, Film and Commercials levy will cover imports of all television stations as well as commercials made out of the country and imported for local telecast
All documentaries, educational dramas, movies and children’s entertainment will be exempt from the tax. The Treasury is not divulging collection targets.
The tax has been on the cards since April but ran into controversy and uproar by pri