Gifts Competitions Tax
About Gifts Competition Tax
Every competition that is held with the objective of promotion or with any other objective of promoting in the Western province is meant as Gifts Competition. Every person who wish to promote or held a gifts competition in the province should obtain a license 14 days before promoting the competition.
Gifts Competition Tax Rate
Subject to powers of Minister of Money in the Provincial Council under 98 (3) schedule in this Statute and according to orders given by Gazette No 1553/9 dated 11.06.2008, for gifts presented in every gifts competition that is held in the Western province 20% of tax rate should be paid from the total market value as Gifts Competition tax. Even then, if the total value of gifts presented in a gifts competition is less than Rs. 100000/= it is released from Gifts Competition Tax.
Assessment of Gifts Competition Tax
It is explained in 98(10 sentence in the Statue of Money how to calculate the tax that should be paid in a gifts competition. The Gifts Competition Tax is calculated based on market value of gifts that are presented in every gifts competition.