Steps Taken to Increase Tax on Foreign Dramas & Films.

A proposal was included in the 2018 budget to increase the tax on foreign dramas and films. This step was taken to protect local dramas and films produced from the impact of foreign dramas and films.

Accordingly an amendment to the rate structure need to be made under Finance Act No:11 of 2006 to issue a gazette notification. Hence, the Minister of Finance and Media has submitted a cabinet paper along with the gazette notification No 2044/21 dated 7 th November 2017 for cabinet approval. The cabinet has approved it.