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​Govt. backtracks on NBT, VAT revisions

13 January 2016 12:52 pm - 7     - {{hitsCtrl.values.hits}}


The amendments proposed to Value Added Tax (VAT) and Nation Building Tax (NBT) Proposed in the Budget 2016 would not be implemented until the relevant legislative enactments were passed by Parliament, Finance Ministry yesterday said in a statement. 
However proposed exemption of deemed VAT on wholesale and retail trade would come to effect from January 01, 2016, considering its impact on cost of living, the statement noted.
Further, vehicle importers who have imported motor vehicles for personal use on letter of credits (LCs) opened before Budget 2016 are permitted to be cleared from the Customs by paying the duties under the rate prevailed at November 20, 2015 without paying any demurrages, it added.

  Comments - 7

  • Premalal Thursday, 14 January 2016 05:41 AM

    Budget? What budget?

    Dave Wednesday, 13 January 2016 07:30 PM

    Why they cant take a straight forward decision on Budget.Confused Ravi confusing every one.Are they going to release Budget Ver 2 ?????

    naren Wednesday, 13 January 2016 08:36 PM

    By the way what has happened to the budget proposal that Senior Citizens would be paid 15% interest for their Fixed Deposits up to the maximum of 15 million?.Banks say that they are are awaiting instructions from CB.

    Thilina Wednesday, 13 January 2016 08:38 PM

    Increase indirect taxes for non essential imported consumable items to demotivate their purchases considering the current negative impact on currency. There would be substitute local products for them.Introduce tariff for single driver vehicles entering into Colombo to demotivate private vehicles and encourage the use of public transport.Increase stamp duty on credit card transactions to demotivate credit purchases and there by reduce the purchasing power of people. (Only for credit cards and not for debit cards)Lets face the reality for sometime. We are a small country. We can do if we are together. Lets take some unpopular policy decision, if we want to make it happen.

    stanly Thursday, 14 January 2016 09:11 AM

    Childish government and decision making.Ravi should immediately resign.He is shaming the country.If it goes like this we would end up like Zimbabwe.

    imran Thursday, 14 January 2016 10:16 AM

    I think they will suspend the Income Tax as well which they introduced in last budget.

    Borallu Thursday, 14 January 2016 04:34 PM

    This is how Ravi messed with Sathosa and closed it. He will do the same with CB. Bright future Sri Lanka!!!Thanks for those who voted for him!!!

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