Amended Entertainment Tax Act Promulgated; MOF to Announce Other Taxable Items
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3/100
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4
AI Summary (NQ-processed)
The President announced the amended Entertainment Tax Act on the 20th, authorizing local governments to suspend the tax on dance halls, golf courses, and other taxable items, while also lowering the statutory maximum tax rates for these categories. The Ministry of Finance (MOF) stated that it will soon announce the list of other taxable items providing entertainment venues and facilities for taxpayers and collectors to follow. The amendment aims to rationalize the tax system and promote local tourism and economic growth.