Breaking News, News

Major tax concessions announced by new cabinet

27 Nov, 2019

The new cabinet today announced major tax concessions, including the reduction of the VAT tax and the cancellation of the NBT tax, Debit tax, PAYE tax and withholding tax on interest.

Cabinet spokesman, Minister Bandula Gunawardena said that the VAT tax has been reduced from 15% to 8%.

The new cabinet met for the first time today with President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa.

Speaking at the post cabinet press conference, Minister Bandula Gunawardena said that the cabinet meeting today was focused on providing concessions to the public.

The Cabinet has given its approval to remove the Nation Building Tax (NBT), Pay As You Earn (PAYE) Tax and Withholding Tax on interest.

The Cabinet has further decided to reduce the telecommunications levy to 25%.

The Cabinet of Ministers also decided to cut the Value Added Tax (VAT) from 15% to 8%. The ceiling for VAT has been raised to Rs. 25 million turnover per month from the existing Rs. 1 million.

In the meantime, the income tax on the construction industry has also been reduced from 28% to 14%.

The Cabinet also announced that all religious places are exempted from taxes.

Recommended For You

Feature Image

Curfew to continue indefinitely in Colombo, Gampaha, Kalutara

The Police curfew will continue indefinitely in the Colombo, Gampaha and Kalutara districts, the President’s Media Division said. The President’s Office said that the Colombo, Gampaha and Kalutara districts have been identified as high risk areas for the coronavirus. As a result, the curfew which was reimposed at 2 pm this afternoon (Tuesday) will continue indefinitely. (Colombo Gazette)

24 Mar, 2020

Feature Image

Concerns raised over large gatherings in supermarkets when curfew is relaxed

Concerns have been raised over large gatherings expected in supermarkets when the curfew is relaxed for a few hours on Tuesday. The Sri Lanka Medical Association (SLMA) has written to President Gotabaya Rajapaksa requesting for immediate measures to be taken to prevent the gathering of the general public immediately after the curfew is relaxed. “We are concerned about the negative consequences that can result in by large gatherings of people in supermarkets to buy essential food and other item

22 Mar, 2020

Feature Image

Special ?COVID ? 19 Healthcare and Social Security Fund? established

A special ?COVID ? 19 Healthcare and Social Security Fund? has been established by President Gotabaya Rajapaksa. The fund will?strengthen the activities aimed at controlling the spread of the coronavirus in the country and related social welfare programs. The President?s Media Division said that Rs. 100 million is to be donated from the President?s Fund for this purpose. A special bank account has also been opened for the fund at the Corporate Branch of the Bank of Ceylon. Local and foreign

23 Mar, 2020