Twenty five per cent of the profits and income of SriLankan Airlines and Mihin Air (pvt) Limited, will need to be paid to the Government, for a period of ten years starting from April 1, 2011, under amendments to the Inland Revenue Act which will be introduced to Parliament this week.
The Ceylon Electricity Board, the National Water Supply and Drainage Board, the Ceylon Petroleum Corporation and the Ports Authority will also need to do so for a period of five years starting from April 1, 2011, according to the Bill which will be introduced along with 14 other finance Bills.
The Ports and Airports Development Levy Bill and the Telecommunication Levy Bill too will be taken up for debate even though taxes imposed under them have been effective from January 1 this year.
The Ports and Airports Levy is imposed on all items imported into the country while the Telecommunication Levy applies to all persons receiving any telecommunication service in the country.
The Strategic Development Projects Act will be amended to allow for tax exemptions to be granted from time to time attracting strategic investment, in the national interest while the Finance Act will be amended to impose a luxury tax on vehicles as well as on five-star hotels.