Summary
PROMOTERS WILL now have to fork out 'big bucks' to obtain international artistes and services, dealing the entertainment industry a heavy blow. The revised tax measures were announced by Finance Minister Audley Shaw as he closed the 2009/2010 Budget Debate in Gordon House on Wednesday, May ß. This means that promoters will now be paying an additional 16.5 per cent GCT to bring in overseas artistes.
When contacted, chairman of the Taxation Committee of the Institute of Chartered Accountants, Ethlyn Norton-Coke, explained, "You have GCT on bringing in foreign acts now, the promoter has to add 16.5 per cent to whatever the entertainer charges that is coming from abroad, 'cause it's an imported service. Everything is going to be caught."He said, "Artistes cost quite a bit and we have to find a way to adjust to it, because it's going to be hard to raise the prices ... it will impact heavily on what we (the promoter) pay, because sometimes it's not just the artistes, but a company that we get them through - will this mean we have to pay for the whole company? The artiste's band, the light engineers, sound people. It's going to be a chalenge."See the full content of this document
Extract
Promoters to Pay Tax On Overseas Acts
PROMOTERS WILL now have to fork out 'big bucks' to obtain international artistes and services, dealing the entertainment industry a heavy blow. The revised tax measures were announced by Finance Minister ...
See the full content of this document
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