- Last Update 2024-07-17 16:41:00
Cabinet nod received to reduce VAT; PAYE, several other taxes scrapped
The cabinet has agreed to reduce Value Added Taxes (VAT) and Nation Building Taxes (NBT) imposed on imported goods from December 1.
Cabinet spokesman Bandula Gunawardena said the cumulative value of VAT and NBT which stood at 17 percent will be reduced to eight percent.
He said Economic Service Charges, Capital Gain Taxes, Pay As You Earn (PAYE) taxes, VAT imposed on condomoniums, and Withholding Taxes on interest have also been scrapped.
In addition, taxes imposed on export of tea, rubber and minor export crops has been lifted with effect from December 1, Minister Gunawardena said.
He said that steps would be taken to ban imports of these crops to protect the local industry as four million persons were dependent on the export income of these crops.
Meanwhile, the cabinet spokesman said that steps wold be taken to reduce prices of rice following complaints that the rice prices had gone up .
(Additional reporting by Damith Wickramasekara. Pics by Amila Gamage)
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