- Last Update 2024-12-20 19:10:00
SL Govt unlikely to change VAT tax structure, informed sources say
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 -
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