Artistes’ profits free from tax

Parliamentary group corr.

Interest in the Lady Lochore Loan Fund and income gained by any author from the sale of the book written by him, one half of profit and income derived from production of any drama, any profit or income from any song to other musical composition gained by the lyricist, musician or singer have been exempted from tax, Finance and State Revenue Minister Ranjith Siyambalapitiya said.

The Minister told Parliament yesterday ratio of VAT has been reduced from 15 per cent to 12 per cent.

‘The seven Bills before the House today are clear examples of the systematic financial policy followed by the Government,” he said. Seven Bills moved by the Minister are to amend the Inland Revenue Bill, Value Added Tax Bill, Economic Service Charge Bill, Finance Bill (No. 358) Finance Bill (No. 35) and Debits Tax Bill and Excise (Special Provisions) Bill.