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Srilanka VAT - 2016

http://www.vilanguwa.info/2016/05/srilanka-vat-2016.html
20 May 2016

VAT to be increased; Nation Building tax will not be changed – PM
Making a special statement on introducing new taxes and revising existing taxes in Parliament today Prime Minister Ranil Wickremesinghe proposed to increase the Value Added Tax or VAT , to 15 percent. Prime Minister Ranil Wickremesinghe also briefed Parliament on the Sri Lanka’s position in the face of the Global Economy. The Prime Minister charged that when the 2016 budget was being prepared , not all information on the country’s debt was recorded and many information was concealed and it was only in December that a record on the government debt was created He went on to note that at the end of 2015, the Governments debt burden was 8475 Billion rupees and the debt which had to repay by state-owned enterprises have not been included in the state debt and this debt amounts to 1,442 billion rupees and due to the economic mismanagement of the Rajapaksa regime, the country is in a debt trap of Rs 9.5 trillion rupees. “If we are to rise from this dangerous situation that we are in, we need to raise the income” said the P.M It was proposed to introduce new taxes and revise existing taxes in order to raise the income of the Governments. Prime Minister,Wickremesinghe stated that statutory Income Tax has been increased from proposed 15 percent to 17.5 percent and the government will also introduce the Capital Gains Tax which has not been implemented in Sri Lanka from 1987 but the Nation Building Tax will remain unchanged at 2% The Prime Minister also announced that several tax concessions will be removed The Prime Minister explained that the tax concessions on electricity supply, lubricants and telecommunication services will be removed and the tax per quarter of 3.7 million rupees will be revised to 4 million rupees He further added that in the budget for 2016 it has been proposed to implement two rates of Value Added Taxes as 8 percent and 12.5 percent instead of the 11 percent of single rate,however it seems that it is prudent a single rate of 15 percent is maintained and tax concessions on telecommunications, private education and private health will be removed but essential goods and electricity has been exempted from VAT and will only be imposed on selected retail and wholesale goods The Prime Minister is of the view that through these revisions, the 2016 budget deficit would be 5.4 percent of the GDP and will enable to maintain the economic growth at 06 percent.

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