Sri Lanka President halts withholding tax on teledramas
ECONOMYNEXT – Sri Lanka’s President Maithripala Sirisena had ordered the Minister of Finance to end the practice of charging a 14 percent withholding tax on sales proceeds of tele dramas.
Most special interest groups have been attempting to wriggle out of the provisions of the new tax law.
"This tax was levied due to the wrong interpretation of the new tax policy," a statement from the President’s office said.
He was quoted as telling teledrama industry representatives that if there are any impediments to the local cinema the tele dramas due to the new Tax policy, he will provide relief after consulting the relevant institutions.
He had promised "fair solutions to these issues in a manner which will not harm the new tax policy of the government."
Finance Minister Mangala Samaraweera was also at the meeting, the statement said. (Colombo/June06/2018)