VAT, Nation Building Tax will be implemented by November: Finance Ministry

VAT, Nation Building Tax will be implemented by November: Finance Ministry

VAT, Nation Building Tax will be implemented by November: Finance Ministry

Written by Tharushan Fernando

27 Oct, 2016 | 9:18 pm

The Ministry of Finance on Thursday announced that the Value Added Tax and the Nation Building Tax will be implemented from November 1. The ministry said in a statement that VAT would be increased from 11 per cent to 15 per cent.

According to the statement, 82 different goods including  wheat, wheat flour, rice, sugar and dhal are exempt from VAT.

Cigarettes, alcohol, telecommunication services, perfumes, jewellery and milk powder will be subject to VAT. In the health sector, consultation fee, specialist fee and hospital room charges are subject to VAT as well.

The sale of houses is exempt from VAT. The Nation Building Tax rate would remain unchanged and will be applicable to Telecommunications Services and Electricity.

The Ministry says that though the NBT is applicable on electricity, it will not have any impact on the electricity bill.

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