Local film industry booms

by L.S. Ananda Wedaarachchi

A number of public private sector partnership - PPP - film development projects will be launched soon, said National Film Corporation (NFC) Chairman Kumar Abeysingha.

The tax concessions granted to the National film Industry were highly attractive to the investors. A series of discussions were held between NFC and the prospective investors during the last few weeks. The response shown at the discussions to setup PPP film development projects were encouraging, the chairman said.

The present peaceful environment after three decade long-conflict and the boost given by the government to developers have encouraged the entrepreneurs to invest in the film industry, he said.

The government had announced a 10 year tax holiday for those putting up new theatre halls with modern equipment and a 5 year tax holiday for upgrading existing cinemas with modern equipment.

VAT exemptions were also granted to the film industry production, distribution and exhibition of films, laboratory facilities, export of films produced in Sri Lanka and taken abroad for further processing or printing were exempted from VAT. Import of cinematic equipment and raw materials are also exempted from VAT and customs duties, he said.

NFC expects to develop State lands for the construction of new theatres with the private sector participation. Information on tax concessions are obtainable from the Finance Division of NFC, the chairman said.