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Saturday, 09 December 2017 - 17:44
VAT relief for apartments valued under Rs. 10mn
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Delivering his budget reply speech Finance Minister Mangala Samaraweera proposed not to charge VAT for apartments valued under Rs.10 million.

The Minister added that in the vehicle taxation the change in basis to a pure engine capacity-based tax will help address the rampant malpractice and severe leakage in Customs revenue.

He also said in the past alcohol taxation on an ad-hoc basis has favoured one sector over another, leading to corruption and a proliferation of illicit liquor.

"The change to a formula based tax on alcohol content will finally bring some rationality and objectivity to the taxation of alcohol, in line with global best practices", the Minister said.
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