The Cabinet has decided to provide tax concessions in line with President Gotabaya Rajapaksa's election promises.
Accordingly, the government has decided to reduce Value Added Tax (VAT) from 15% to 8%.
Cabinet spokesperson Bandula Gunawardana said this VAT reduction will come into effect from 1 December.
The government has also decided to remove the 2% Nation Building Tax (NBT), Pay As You Earn (PAYE) Tax and Withholding Tax on interests.
The Cabinet has further decided to reduce the telecommunications levy to 25%.
The Construction Industry Income Tax has been reduced from 28% to 14%.
The government has also raised the VAT ceiling to Rs. 25 million turnover per month from existing Rs. 1 million.
Gunawardane said the Government plans to bridge the gap of revenue by expanding the tax base.
Gunawardan added that the government plans to collect a small percentage of tax from a larger base in order to relieve citizens from a huge tax burden.
Govt. decides to slash taxes
27 Nov 2019
Govt. decides to slash taxes
27 Nov 2019
The Cabinet has decided to provide tax concessions in line with President Gotabaya Rajapaksa's election promises.
Accordingly, the government has decided to reduce Value Added Tax (VAT) from 15% to 8%.
Cabinet spokesperson Bandula Gunawardana said this VAT reduction will come into effect from 1 December.
The government has also decided to remove the 2% Nation Building Tax (NBT), Pay As You Earn (PAYE) Tax and Withholding Tax on interests.
The Cabinet has further decided to reduce the telecommunications levy to 25%.
The Construction Industry Income Tax has been reduced from 28% to 14%.
The government has also raised the VAT ceiling to Rs. 25 million turnover per month from existing Rs. 1 million.
Gunawardane said the Government plans to bridge the gap of revenue by expanding the tax base.
Gunawardan added that the government plans to collect a small percentage of tax from a larger base in order to relieve citizens from a huge tax burden.
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Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!