Concessions for artistes under the new Tax Act

A tax concession of Rs. 500,000 will be granted under the new Tax Act to artistes for profits gained from production, the Finance Ministry has announced.

The net profits of the productions will be exempted from income tax up to Rs. 500,000 after the payment of taxes and editorial fees, the Finance Ministry added.

Meanwhile, the Ministry of Finance stated that tax concessions will be granted up to Rs. 500,000 for the annual profit gained by individual and private sector business companies.

The new tax concessions will be implemented from 01 April.