Pre-Budget News: VAT on 5 consumer items to be removed

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Sri Lankan Finance Minister Ravi Karunanayake is expected to announce a VAT exemption on five consumer items including TVs, audio sets, blenders and sandwich toasters when he presents Budget 2017 tomorrow (Thursday), the Sunday Times Online reliably understands.
This is in line with plans to establish Sri Lanka as a retail shopping hub in the region. Among other proposals being discussed is a flat rate of income tax to cover the entire workforce or all Sri Lankans earning some income. Another proposal is reduced taxes on small cars and less than 1,000 cc vehicles, it is learnt. (Bandula)

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