Prices of several goods and services reduced

Colombo (News1st): The Ministry of Finance has brought down the prices of a number of goods and services with effect from midnight yesterday (November 01). The changes are as follows;

• Price of 92 Octane Petrol (per liter) has been reduced by Rs. 10 to Rs. 145
• Price of Auto Diesel (per liter) has been reduced by Rs. 7 to Rs. 116
• Lubricants including the 2T have been reduced by Rs. 10 per liter
• The Telecommunication Levy of 25% has been reduced to 15%
• The Special Commodity Levy on Dhal and Chickpeas reduced by Rs. 05 per Kg
• The Special Commodity Leavy on Black Gram reduced by Rs. 25 per Kg
• Customs Duty will also be waived on Wheat grain to Rs. 9 per Kg from the existing waiver of 6 rupees per Kg
• The Special Commodity Levy on Sugar reduced by Rs. 10 per Kg
• The income tax rate for professional services will be reduced from 24% to 14%
• Withholding tax exempted on Interest on any savings and fixed deposits maintained in financial institutions
• The VAT threshold to be increased from Rs. 12 million to Rs. 24 million per annum
• To encourage local entrepreneurs, professionals and migrant workers to remit their earnings in foreign currency on services provided outside Sri Lanka, Income tax exempted on such remittances