VAT and NBT from Nov.1

27 October 2016 03:40 pm - 23 - {{hitsCtrl.values.hits}}

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The Value Added Tax (VAT) and the Nation Building Tax (NBT) will be implemented from November 1, the Finance Ministry announced a short while ago.

The ministry said in a statement that VAT would be increased from 11 per cent to 15 per cent.

It said the annual VAT threshold on the wholesale and retail market would be Rs.50 million while the general VAT threshold would be Rs.12 million.

“VAT will be applicable on cigarettes, liquor, milk powder, electrical appliances and telecommunication services while VAT will also be applicable on healthcare services such as channelling and hospital room charges,” the ministry said.

The NBT rate would remain at 2 per cent with the NBT on turn over reduced to Rs.3 million from Rs.3.7 million. NBT will also be applicable on telecommunication services and electricity.

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Comments - 23

jkgreencitizen@yahoo.com Thursday, 27 October 2016 06:03 PM

How many tax categories of Tax in Sri Lanka? Direct Tax, Indirect Tax, VAT, NBT, TT, NSL, TRC, Cess, PPL ????Do we need ?

asanjeewa@rocketmail.asanjeewacom Friday, 28 October 2016 10:46 AM

No it should be Nations Burning Tax

Azman Friday, 28 October 2016 09:31 AM

Alas! innocent milk powder is also caught up.

Don Friday, 28 October 2016 07:32 AM

What can you build without electricity these days So why tax that because people are actually building with it You want higher revenue increase the rates. via DM Android App

Kkk Thursday, 27 October 2016 11:31 PM

We wouldn't have any problems.if MR took low interest loans and for.useful projects not empty airports in jungles

sotthipala sirisena Thursday, 27 October 2016 11:31 PM

this is MPs building tax , car tax, fuel costs, food and drink cost, international travel costs and there families shopping cost has been added this time VAT

ManjuSri Thursday, 27 October 2016 09:37 PM

no,MP Building Tax

Malik Thursday, 27 October 2016 08:20 PM

Brace yourselves: worse times are coming!!

Abdul Thursday, 27 October 2016 07:42 PM

Come on... Not again.. Why again the VAT is applicable for the health sector? Time to leave Sri Lanka Folks...LOL

Lal Thursday, 27 October 2016 07:00 PM

They could rename in "Rajapaksas debt paying tax"

jayson Thursday, 27 October 2016 06:57 PM

taking money from the people you rule is wrong take money from out and give it to the people you rule. this is what happens when you vote for idiots.

Mithilan Thawapperuma Thursday, 27 October 2016 06:06 PM

Banana republics, mainly. Step backwards for the past two years. Rampant corruption and self-righteous sweeping under the carpet of bond scandals - yes, plural.

Jagath Leanage Thursday, 27 October 2016 04:32 PM

Were there any other taxes other than VAT and NBTin this world to charge from us ?

Don Thursday, 27 October 2016 06:03 PM

What a country

john Thursday, 27 October 2016 05:58 PM

No common thinking attitude as full option package forMP's

kennedy@accountant.com Thursday, 27 October 2016 05:42 PM

In Sri Lanka we have elections for President,Parliament, Local Government Chief Minister and MMC election mmmm... 4 election to maintain the Sri Lankan's population of ?In USA, UK, India and India how many and population?THE COST OF ELECTION and the rest........?

jkgreencitizen@yahoo.com Thursday, 27 October 2016 05:25 PM

VAT increased that's OK as we are subject to Previous loans. Wholesale, Retail and General please explain how it works and the thjeory

Sharon Thursday, 27 October 2016 05:00 PM

Yes... We will happily contribute to the MASSIVE development going on in the country...

lkboy Thursday, 27 October 2016 04:59 PM

only backward economies impose this much tax on telecommunications.

Sharon Thursday, 27 October 2016 04:59 PM

Thank you...

Laminate Thursday, 27 October 2016 04:48 PM

Ohoma yang!

kevin Thursday, 27 October 2016 04:46 PM

wow...Good initiative,I'm so happy.Good progress for the nation.You wonderful rulers.Thats the way to move and cut down debt!!!! :P

ANTON Thursday, 27 October 2016 04:38 PM

NATION BUILDING TAX OR SELF BUILDING TAX.

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VAT and NBT from Nov.1

Comments - 23

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