News

Act on National Building Tax to be amended

24 July 2019 - 111   - 0

The Nation Building Tax (NBT) Act is to be amended in order to facilitate the implementation of certain proposals as set out in the budget for this year.

According to this year’s budget, the NBT imposed on foreign currency receipts by hotels registered under the Sri Lanka Tourism Development Authority (SLTDA) would be removed.

The tax imposed on tour operators and travel agencies would also be adjusted to resolve anomalies between both industries.

Meanwhile, the NBT imposed on the main contractor of a construction project would also be removed in a bid to reduce infrastructure expenditure.

Lapidary service providers registered under the National Gem and Jewellery Authority would also be exempted from tax over the import of unprocessed gemstones for re-exporting purposes.

The amendment would also see cigarette manufactures being liable to the tax, while NBT would also be imposed on foreign payments using debit or credit cards.

These changes were expected to come into effect on June 1.

However, cabinet approval had been granted only yesterday to gazette the amendments to the NBT Act in order to submit it to Parliament for approval.

  Comments - 0

  • Leave a comment



Top Stories

Wasp attack leaves 15 estate workers hospitalised

A wasp attack at a tea estate in Bogawantalawa has left 15 workers hospitalised today (Aug 21). The incident is believed to have taken plac...

21 August 2019 - Views : 6

Two constables arrested for issuing temporary driving permits for a fee

21 August 2019

Beira Lake boat service from tomorrow ; service free-of-charge for first month

21 August 2019

Special Grade One students intake for families which pay taxes - Ministry

21 August 2019



style="display:inline-block;width:300px;height:250px"
data-ad-client="ca-pub-6200193111498313"
data-ad-slot="1999573490">

 

Features & Analysis

Discovery of exoplanets by Lankan Team

For the first time in the island’s history, a group of Sri Lankans has discovered a new extra-solar planetary s...

'Mega Pride - Pride of the Lion' photographic exhibition

The ‘Mega Pride – Pride of the Lion’ photographic exhibition by the Minister of Megapolis and Weste...

'Strings of Harmony' : Celebrations to mark the 73rd Independence Day of India

‘Strings of Harmony’ – a Santoor Jugalbandi by Pandit Shiv Kumar Sharma and his son Pandit Rahul Sh...

Sri Lankan Handicrafts Day in Beijing

The Embassy of Sri Lanka in Beijing in collaboration with the International Bamboo and Rattan Organization (INBAR), o...



style="display:inline-block;width:300px;height:250px"
data-ad-client="ca-pub-6200193111498313"
data-ad-slot="1999573490">