The MarCom Collective, an association that came together with the onset of Covid-19 to propose relief measures for Sri Lanka’s marketing communications industry – welcomed the government’s move to introduce double tax deduction for advertising and other related expenses. The proposed tax relief has been cleared by the Cabinet, gazetted and is to be presented to the Parliament for approval.
The MarCom Collective had put forward several recommendations for the Government’s consideration, with double tax deduction being one of the key proposals amongst them.
The Collective will continue to engage with the Government and all other stakeholders to seek relief for the Marketing Communications industry which provides direct employment to over 100,000 Sri Lankans. President of the International Advertising Association, Sri Lanka Chapter, Tharaka Ranwala said, “After engaging all stakeholders for over a year, we are extremely pleased that the government has been receptive to our proposals.
The relief granted by the government must be responsibly used by companies for the benefit of brands and any form of misuse could only jeopardise ongoing efforts by the MarCom Collective to develop the industry with the assistance of the government.”
Ernst & Young Sri Lanka, the independent consultancy that was retained by the MarCom Collective to study the sector and prepare a report on a three-point agenda to mitigate, revive and sustain the industry.