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Tax relief for several sectors

ITN News Editor
By ITN News Editor August 6, 2019 19:26

Tax relief for several sectors

The Cabinet of Ministers has granted approval to the proposed tax revisions put forward by the budget – 2019. The Ministry of Finance states that the cabinet approval has been granted on revisions made to the Nation Building Tax and the Value Added Tax. If hotels, restaurants and businesses registered under the Sri Lanka Tourism Development Authority obtain funds from foreign sources through a local bank will be exempted from the Nation Building Tax.

The Ministry of Finance said that importation of ships and boats for recreation and sports will also be exempted from the tax. The tax relief given to sub-contractors in the construction industry will also be given to the main contractor under the new revision.

The new legislation will give relief to import of unprocessed gems and unrefined palm oil. The date to pay Value Added Tax will be shifted to the 20th day of the month for the convenience of the tax payers. The Value Added Tax levied on condominiums will also be revised. Accordingly, no tax will be charged on housing units cost less than 25 million rupees. The Ministry of Finance states that new amendments will be presented in Parliament in September following the completion of the drafting process.

ITN News Editor
By ITN News Editor August 6, 2019 19:26

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