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 -
A Sri Lanka Air Force Bell 212 helicopter belonging to the No. 72 squadron has crashed into the Madhuru Oya reservoir this morning, Air FOrce Media Spokesman Eranda Geeganage said.
Update: Five of the twelve passengers on board the bell 212 aircraft that crashed into the Maduru Oya today, have succumbed to their injuries, the SLAF said.
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