Speculation is rife in Colombo business circles that the Government has decided against the proposal to replace the current VAT with TT, discontinued in 1998, following protests from the several sectors including tourism, informed sources said.
The new tax structure was due to be announced in Friday’s budget to be presented by Finance Minister Ravi Karunanayake at 2 pm (today).
The sources said that instead the NBT (Nation Building Tax) rate would be increased to raise the higher revenue that was to be collected from TT (Business Turnover Tax).
The tourism sector last week complained to the Prime Minister and the Finance Minister that abandoning VAT for TT would be detrimental to the sector and see taxes doubling. Other industries were also concerned over the move. – ENDS -
The Judicial Service Commission (JSC) has interdicted Colombo Fort Magistrate Kosala Senadheera.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
Gazette on new speed limit regulations to be issued within two weeks
Two underworld criminals wanted for multiple crimes, including murder, were brought from Dubai to Sri Lanka, today (12).
Acting Attorney General Parinda Ranasinghe, was appointed as the Attorney General of Sri Lanka a short while ago.
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