Sri Lanka’s debt recovery levy or Medamulana tax on banks came into effect today (October 1) although it was scheduled to be implemented with effect from last April, Finance Ministry sources said.
According to Finance Minister Mangala Samaraweera this well planned bank levy will be a tax deductible business expense.
The 2018 budget proposed this special levy for financial institutions to be implemented with effect from April 1 which will be applicable for three years. The implementation of the levy had been delayed due to administrative issues, a senior official said.
The 2018 budget proposed, Rs.2 levy per Rs.10,000 on cash transactions (0.02 per cent) should be payable by all financial institutions.
“This levy will not be passed on to the customers and the financial institutions get a rebate of the levy from their income tax.” he added.
The new levy will generate Rs.20 billion for the government’s debt repayment. (Bandula)
A Thai woman walking topless in Arugam Bay town has been arrested by the Police.
The UK government has unveiled a package of reforms to simplify imports from developing countries which allows for more garments manufactured in Sri Lanka to enter the UK tariff-free.
The Cabinet has approved a proposal for Sri Lankans overseas to apply for their passports through an online system via the Lankan diplomatic missions.
Villagers in Nirmalapura, Daluwa, Norochcholai today staged a protest over an incident where a group of Navy officials and sailors had assaulted a resident in the area over night, Police said.
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